Joint Mortgage -Big Age Gap

lmcsf1970

We're having problems obtaining acceptable monthly payments on a mortgage due to our age gap. Here's our personal Circumstances:
I'm 47yrs old & my husband is only 34yrs old. We've been married 2 yrs & are looking to buy our first home together as a married couple.
My husband earns £55k per annum & I earn £21k. We have no children/debts. Our total income is £76k per annum before tax.
We want to buy a house valued at approx £350,000k. We have a cash deposit of £50k

We are being discriminated against due to me being the eldest (even though I'm not the main earner). Mortgage lenders will only lend over a term maximum of 19 yrs due to my age! This means that our payments per month are a ridiculous amount!
We are getting very frustrated as my husband is 13yrs younger than me & earns more than double my salary. He won't be retiring for at least 30yrs!!! Why can't we get a mortgage for 25/30yrs!!!!

Any help advice appreciated

Lilla_D

Lenders will go based on the older applicant's age regardless of who the main earner is.
If you wanted to have the mortgage assessed based on his income only, then you wouldn't get the required £300k, so you do need a lender to use your income and therefore your age.

However, max 19yr term is incorrect. Most lenders can go to age 70, which means that you could get a 22-23 year term, dependent on the lender's definition of age 70 (i.e. 70th birthday or 70yrs and 364 days old at the end of the term).

In addition, you could possibly go beyond age 70, if your expected pension income is used instead of your current salary. Having said this, a few lenders can possibly use your current earned income beyond age 70 dependent on your occupation and how realistic it is that you'll still be working/earning at that age.

Hope this helps

amnblog

If you are paying into a pension I could potentially get you a mortgage over 27 years, so you are getting frustrated without knowing the full options here.