How difficult will it be to get a new mortgage when older?

Angel-Eyes_7

Hi I am 56 and my husband is 57, yesterday we found a lovely house and are about to put an offer in at 80.000 pounds.   I have a deposit of 30 thousand pounds and debt of 15.000 pounds.  The debt will be mostly paid off there will be 2000 pounds left on a interest fee credit card.  I have to leave that debt on as we have no furniture, washing machine, beds , fridge freezer etc.  My husband became ill and had to leave a very stressful job unfortunately he started a new business which didnt work out.   That with other debts left us 56000 pounds worth of debt.  The above figue is the last remaining debt to be paid we have never defaulted never paid late, and all debt is on interest free credit cards. 
My husband has a pension of 12000 pounds per year, my pension is 2400 a year.  I am self employed with 2 years accounts and am still working I have not been furloughed, nor have i taken any of the self employed grants offered by the government I am on 510 per month as I reduced my hours this year.  My husband has a zero hr contract job that runs from September to June with a large charity it is at a university hence the dates.   He has worked with them for over 5 years now in a part time capacity.  Two years ago he was made redundant by them and re-employed on a zero hr contract, he brings home on average around 200 per month.  I also get carers allowance of 261 pounds per month.  Our credit score is excellent we have checked and our LTV is around 62 per cent, we would be looking to take the mortgage over a 12 year period.  I also need to look for a Mortgage Broker so would appreciate any advice on that .   Thanks  ....
 

Angel-Eyes_7

I meant to say the reason I have no furniture is we downsized onto a narrowboat so we will need practically everything.    I will be selling the narrowboat but its a niche market so unsure when it will sell so I dont want to figure that into the equation.    Its worth around 16000 at the most.

MovingForwards

Speak with a broker as being self-employed is a minefield with mortgages at the moment due to Covid.

Is your husband's pension including state pension or on top of state pension? As you may want to look at having a slightly longer mortgage term.

You haven't said what your income is.

Regarding furniture, you can pick that up free or cheap from charity shops, gumtree, FB etc, not many of us older ones buy brand new when buying our homes. I kitted my last rental out very cheap by shopping at BHF (think it was about £500 excluding white goods) and only buying a new bed / mattress (£180 of my £500ish spend) from them when picking out the rest of my furniture and they delivered it quite cheaply too. Curtains I searched the ones on sale at Argos and spent about £50 for three big windows. 

The main thing is securing your home, the furnishings can be replaced bit by bit 🙂

Angel-Eyes_7

Hi thanks for your reply.  My husband is only 57 so not a state pension it`s a teacher pension which was taken early due to ill health.   My income is 5100 pa s/e    :  Pension of 2400 pa :    Carers @261 per month.  I agree re s/e income and speaking to a mortgage broker.   I will be buying all second hand furniture except for matresses and washing machine..... 

MovingForwards

As it's a TP at the moment, then state pension at SPA I would speak with the broker about a slightly longer mortgage term as that will help with bringing affordability inline a bit better too, you can usually make overpayments of 10% a year to pay it off sooner. Potentially when your current home sells you could put some into savings, some into pension and some into overpayment of the mortgage.

Hopefully one of the resident brokers will pop along and say what is viable based on your income as there are a few good ones here 🙂