Older First Time Buyer

Gemsy81

I have asked this question before but the thread dropped like a stone, so I'm hoping someone may see it who can help.

What are the options mortgage wise for First Time Buyers in their fifties?

System

My mortgage (should I not pay it off early) would take me to age 73.
So I don't see why you won't be eligible for any 20 or perhaps even 25 year mortgage. Depending on circumstances.

Thrugelmir

Anything is possible. Though your age obviously places restrictions. Some more general background would be usefull. If you've a particular plan in your mind.

RubyHouse

It would entirely depend on your loan to value ratio and your affordability.
Knowing your deposit amount vs the house price would enable people to better advise on the options.

kingstreet

Gemsy81 wrote: »

I have asked this question before but the thread dropped like a stone, so I'm hoping someone may see it who can help.

What are the options mortgage wise for First Time Buyers in their fifties?

The same as they are for anyone else, except you may wish to limit the term of the mortgage so you don't end up with a miserable retirement still paying it.

Gemsy81

Thanks for the replies so far. Even more complex in the fact that we are both self employed - I understand this is OK as long as we have at least two years of attractive looking tax returns! We are basically trying to work out how much deposit we will need so we can set ourselves a target. Or if it is going to be totally hopeless, come up with a plan b!

kerri_gt

There are lenders who will lend up to 75 (or above possibly) but not all. They will also take into account your occupation type - so it's less likely someone who has a physical job like a building labourer will be approved for a mortgage to 75 vs an office based occupation.

Obviously deposit, LTV and affordability come into play just like everyone else regardless of age.

I would speak to a mortgage broker - they should be able to advise on lenders who will lend with your criteria and save you searching ones who are an automatic no due to age or other unique factors such as employment. That's what we did with success.