Best way to go with buying

Mutton_Geoff

AdrianC wrote: »

How long a mortgage are you looking at? Will it be repaid by the time you hit state retirement age?

Plenty of lenders prepared to extend into retirement these days. I have an interest only until I’m 75 with capital repayment based on sale of property (ie downsizing).

I’m 60 and only recently taken out this mortgage. There is no way I could afford a repayment loan clearing by my SRA (66).

https://www.thisismoney.co.uk/money/mortgageshome/article-3577491/Now-homeowners-repay-mortgage-age-85-Nationwide-raises-bar-big-lenders-open-arms-older-borrowers.html

NiceGhost

Thanks again for all the info above, it's much appreciated.

To add some extra information of my own. I'm an indie author (Been doing this for 2 years already), so I should be able to keep putting books out for as long as I'm able to sit and write, which will hopefully be a very long time in other words, there will be no retirement for me (Although I'm sure a mortgage company might not see it the same way).

Also regarding the 250k/400k thing. That's actually quite low earning predictions when compared to what a lot of indie authors earn. Income can increase quickly if you have a hit book, but increases steadily anyway with constant releases (As long as you're putting out quality books, regularly). So not a dragons den type of scheme After looking at the figures though, I think it's more like 2 years and maybe I'll be able to get a mortgage of 250k, and 4 years for 400k.

In regards to area's. Oxford is currently my first choice, but a 2 bed flat there right now is around 300k, so I've been looking at places like Banbury, and then I'll be a lot closer to Oxford to upgrade to there if I have the means to do so after a few years.

steampowered

In your position, I would definitely get the £250k property.

As you'll be there at least 2 years, it is probably worth doing financially. You may want to be there longer. If you have a mega hit, then that's great and you could buy a more expensive property. If not, you'll still be in a good place.