Being a first time buyer after 40

Whisper80

I’m in my late 30’s and me and my partner are starting to save for a deposit to buy our first house. By the time we’ve got enough saved, it will be in about 18months - 2 years time - worried about whether or not we would be given a mortgage as first time buyers in our early 40’s. Any advice? Have other people been able to get mortgages as first time buyer in your 40’s?

Yalpsmol

Depends on the mortgage term. How many years would you need to pay off the mortgage? 20? 25? 30? How old is your partner- the same age or older?

CashlessCaruna

I'm in this position too. After spending my twenties and thirties in low paid jobs, renting and bringing up kids, am nearly 41, single and finally earning a decent wage. Am currently trying to get a deposit together and am hoping by 43 to be able to get a mortgage. Am hoping I'm not too late.

AnotherJoe

OP, Maybe I'm missing something but what's your concern about getting a mortgage as a ftb???

PasturesNew

I was about that age when I got one. The estate agent had even said to me "they don't like lending to single women", so I had all that to go up against.

At the time, I did put down a large deposit... but I did get a mortgage.

It's about income more than age. At 40 you've still got 25+ years of working ahead of you to "enjoy" that's all they'll look at.

Devongardener

We were first time buyers at 48 & 56, this was in 2002 when mortgages were easier to get, but were offered a 20 year deal. However when we moved in 2006 and wanted to have another 20 year term Nationwide were much more strict and would only give us until my 65th birthday unless we could prove substantial pension income, so 13 years. They only told us this on the day were about to complete so we had no option but to agree, but it almost doubled our planned repayments. But we managed it and paid our last repayment in June. Such a great feeling to be mortgage free, and we wouldn’t have done it if Nationwide had allowed us a longer term. I think there are building societies that offer mortgages into older age - particularly as state pension age will be 67 by the time you retire. Good luck!

sgun

I had paid off my initial mortgage but took out another this year at 45. I took it out over 25 years and the mortgage advisor on the phone (First Direct) even pointed out that the way things are going we wont be retiring until well into our 70s anyway. How we laughed! (...hollow, bitter laughs...)

00ec25

I really fail to see what your question is about
40 + the (old?) typical 25 yr term = age 65. Not even retirement age
40 + 30 (new) typical term = ?
40 + 35 = ?

is this going to be your forever home?
if not, the time to be concerned is your next purchase as then will be the point when many lenders may look at shortened terms due to age

FTB status is utterly irrelevant

Crumble2018

We have just got a 25 year mortgage with Nationwide - I am 46 and my husband is 43.

You have nothing to worry about.

gingercordial

Glad to see this asked as we will be in the same boat soon. Husband is about to turn 40 and we are hoping to buy next year; I will be 39 by then. He has a DB pension scheme so hopefully can use that to demonstrate income past 65 if a 30 year term is the best option, but of course as others have said who is really going to be retiring at 65 anyway?

TBagpuss

Lenders are recognising that we are all likely to be working for longer - many will offer terms which take you up to state retirement age, which if you are in your40s will be at least 67.
Some will offer longer terms if they are satisfied that it is affordable, for instance because you have private pensions.
And of course you can also look at getting mortgage with a slightly shorter term.

last time I moved house, I got a mortgage with a term of 24 years 6 months, based on my being 42 at the time, so it would end when I turn 67 and hit state retirement age. I am sure that i could have persauded them to extend to 25 years if I had needed to, but it made very little difference and I was always planning to over pay in any event!