Mortgage term when different ages?

A_Kay

My husband and I are currently saving for our deposit, but are hoping to buy next year. We’ll both be in full time employment, but given the difference in our ages (33 and 52) are not sure what sort of term length would be available to us. Can anyone give us an idea before we try and find a mortgage advisor?

Broadyx

It would be your husbands age up to the max age the lender would consider.
Some companies will do 65 / 70 but may "lend into retirement" if he can evidence a good pension / income into retirement, or if he is able to evidence he can continue working.
So if it was 70, you could potentially have an 18yr mortgage. 65 then 13 yr mortgage.

A_Kay

Thanks Broadyx

Thinking out loud - would it be possible to then remortgage in say 5/10 years into my sole name (assuming my income is sufficient) and extend the term then if we needed to reduce the monthly payments for any reason?

[Deleted User]

Re-mortgage to sole should be possible. Not sure how picky companies would be regarding it as it’s essentially manipulating affordability/criteria - with Eldest app on it it’s unaffordable, with them removed it’s affordable (no judgement from me, I’d do the same!).

Some High Street lenders will insist married apps go through as a joint app to avoid that, but I’m sure smaller lenders would consider it.

One thing to note is that the closer to retirement you get, the more they have to validate income if you intend to go into retirement - but due to short initial term (due to oldest app) I don’t think that’d be an issue. Re-mortgages (while still joint, to save money) could be an issue though - but same lender product transfers should be fine.

Possibility for 22/23 years now (assuming reasonable pension income can be evidenced some lenders would go for 75).

being so far away from pension, they may not actually model affordability on the pension income (I know we wouldn’t this far out) - theory being overpayments/downsizing etc could be done beforehand (something an advisor will be required to go through with you both if your retirement income does look on the low side to support the mortgage past retirement). Unlikely to default at that late stage, after paying a mortgage for 20 years, when the balance is likely to be very low!

Good luck with it all