buying a property at 50

scarletts-mum

Good morning everyone, I do hope somebody can point my partner and myself in the right direction or at least offer a little advice on which mortgage companies could help us.


Here's our background, so weve been renting 3 years and have decided now that we should go for a mortgage.


My partner is 50, and is an office based Police Officer - been in the force 20 years, has had a mortgage in the past with his exwife.


Im almost 42 and have never had a mortgage, I work full time.


Here's our dilemma . . . .


we have found a house which is £175k, we have the 10% deposit in the bank ready to put down.


I have a default on my file from 5 and a half year ago which I wasn't aware of from a catalogue company opened by my ex partner in my name - balance is £400.00. My partner has a very good and clean credit report.


We are looking for a company who could offer us a 90% mortgage, over 23 years. We if we get this mortgage we will be mortgage free in 10 years due to my partners lump sum pension - he is looking to retire from the force at 60.


Could anyone offer any advice who we could go to for a mortgage as at the moment the maximum we have been offered is 19 years however payment are a little high at £940.00, we would ideally like to be paying around the £800 per month mark if possible.


Thank you in advance

foxy-stoat

You are better off talking to a broker - assuming your current offer is with your bank, what is the interest rate you have been offered?

kingstreet

There are lenders offering a term upto age 75 as long as there is evidence of pension contributions on payslips.

It's difficult to say how they might view a visible default at 90% LTV.

As already suggested, get a decent independent broker on this and don't risk pointless speculative credit searches.