18 year mortgage at almost 52?

jane_

So I’m 51, in a good job that I can realistically continue in until retirement, no debts (although a loan only just paid off), good credit history - looking to buy having rented for 20 years - can I realistically expect to get an 18 year mortgage?
I have approached an online broker who are very blasé about mortgages until 70 but is it really that easy?
Any advice gratefully received.

comeandgo

If you have the deposit then no reason not to get mortgage until 70.  Our mortgage was until 70 though we managed to pay it off earlier.

adamhearn

Yes, I did the same a short while back. Seems age isn't so much of a concern as the ability to pay. A good LTV ratio will likely help/be mandatory.

jane_

comeandgo said:

If you have the deposit then no reason not to get mortgage until 70.  Our mortgage was until 70 though we managed to pay it off earlier.

Many thanks, that’s my plan too. I have 15% deposit.

Can I ask if you had to provide any retirement income evidence in order to get the mortgage?

haras_n0sirrah

Lenders will go up to 70 with no proof of retirement income
Above this then they will start asking which is why the broker has taken you to 70

Sistergold

Good morning @jane_
I got a mortgage term taking me to 70s. No they did not ask for any thing else all they looked at was that my job was not so physical and therefore it can easily be continued beyond 70 so that was the proof of income really. Did not need to provide pension plans or anything! 

I would advise you stretch the mortgage as far as you can to reduce monthly obligation and also meaning you can hopefully borrow enough for your needs and then overpay however you choose reducing the term through overpayments to be payed off by say when you are 65 if that’s what you would prefer! So the sooner you can conclude this the better as you do not have as much time left to pay it off the longer you leave it. 

izoomzoom

Hubby 51 and we've just got a 19y mortgage offer about 10 days ago.

Whiterose23

Santander gave me a mortgage at age 49 to age 70, no questions asked.

heatherdob

My partner is 52 and we've just taken out a 20 year mortgage with accord. No problems at all. They just asked for proof of pension. 

comeandgo

jane_ said:

comeandgo said:

If you have the deposit then no reason not to get mortgage until 70.  Our mortgage was until 70 though we managed to pay it off earlier.

Many thanks, that’s my plan too. I have 15% deposit.

Can I ask if you had to provide any retirement income evidence in order to get the mortgage?

No, we were not asked for any retirement income, my husband was planning on working until he was 68 anyway.

SueF1

2 years ago I got a 35 year mortgage from Santander aged 38, no questions asked.