50 yo ... Too old for a mortgage?

carman100

Hi,

For the past 20+ years I've been renting.

This has suited me fine during this time but now that I am married I now feel like I want to own my own home and enjoy the freedom of house ownership ie: decorate without asking landlord permission, own a pet, avoid intrusive inspections etc. and get out of the renting scene.

Problem is I am now 48 years old and feel I'd not get accepted for a mortgage, more so that I probably won't even be contemplating trying for one for another 18 months while I settle my credit card debt and save as much of a deposit as I can ... so I am looking nearer my 50s before attempting to get a mortgage. This keeps cropping up in my head so I delay the process more and more as I just keep thinking it won't happen.

My questions are, is there an upper age limit to a mortgage? If not, what are my options and disadvantages of attempting to get one at 50?

Thanks
N

-taff

If you have an income, there's not really an upper limit. My parents got one at 65....
The limits would more refer to how much your income was, and your affordability versus when your income stops. You have at worst, the potential for a 17-19 year mortgage at the moment.

ACG

Generally speaking you can get a Mortgage up until age 70, assumnig you are happy to work until then otherwise it might be a slightly lower term.

Age is not really a major problem on its own. We did one last year for a 68 year old.

Nick_C

I took out a mortgage when I was nearly 58. Only got a 17 year term though to agree 75. I've already retired and have a reasonable pension.

You have (I guess) 20 years before you hit State Pension age, which is plenty of time to pay back a mortgage.

Your credit card debts are a worry, but currently it can be cheaper to buy than it is to rent, so your situation may improve if you buy. Make sure you factor in the cost of maintaining your property.