25 Year Mortgage - Upper Age Limit

Misteeq

Hi,

Just wondering what the upper age limit is for taking out a 25 year mortgage?

I'm 46 years old. House price is £85,000.00. Will put down 10% deposit. I earn £46K per year and have been in the same job for 12 years.

After mortgage and bills etc I will have around £1,800.00 left every month.

I'm not a first time buyer.

Thanks.

kingstreet

There are lenders who will lend to age 75, even 80.

However, you may be asked to evidence you are in a pension scheme, or even to provide evidence of income in retirement in some cases.

A decent broker will help you plan and identify the best lender options.

getmore4less

depends on lender.

Have look through their criteria pages.

eg. Nationwide is max term 40year up to 75, they will look up to 85 if retirement income is sufficient..

Stevepd

It’s definitely achievable as a guy in work was getting on and then he subsequently has a quadruple heart bypass and he still got a mortgage. I don’t know how old he actually was (I’ve moved departments) but something similar and in looks to Uncle Albert of only fools and horses.

Steve.

LRmortgage

Shouldn’t be too difficult, find a local broker and they’ll fit you with a lender that has a decent upper limit on age at the end of the term. There should be options.

Misteeq

Thanks everyone for your replies ����

GoingOn30

It looks like based on your income you could afford to repay over a shorter term and this would save you money on interest too!
It depends on your outgoings but could you not afford the repayments on a 20 or 22 year term?

getmore4less

Overpaying a longer term does the same thing.

Jonbvn

Stevepd wrote: »

It’s definitely achievable as a guy in work was getting on and then he subsequently has a quadruple heart bypass and he still got a mortgage. I don’t know how old he actually was (I’ve moved departments) but something similar and in looks to Uncle Albert of only fools and horses.

Steve.

Perhaps he has good life assurance?