18 year mortgage at almost 52?

MalMonroe

jane_ said:

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.

Gosh, 51 is so young, why are you trying to sound like you're in your dotage?  I'm 70 and am looking into getting a mortgage! There are brokers who deal with old folk like me but I'm aware that I may have to pay over the odds because I'm considered to be geriatric. Which is really annoying because I don't feel I look it and I try not to act it.  I'm wanting 15 years - have been an owner before but am renting a council property now. I want so much to be a home owner again, there's nothing like that feeling of "it's yours!" Even though I know it's the mortgage company's until it's paid off. 

Years ago, my ex-in-laws got a 15 year mortgage when they were in their late 60s and I thought that was a bit of a miracle then, 20 years ago but they lived long enough to pay it off and my ex mum in law is now 88 and still living in that property where she is very happy.

So YES, I'm sure you can do it. Contact more brokers. That's what I'm doing. It's not the best of times right now obviously but there are people out there who can help you. Good gracious, at your age, you could even try for a 25 year or 30 year mortgage!!  Don't let your age (you are so young!) hold you back. Good luck, you can do it.

MalMonroe

SueF1 said:

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

That is not surprising because 38 is really young!!  I'm sure they must have asked SOME questions but most people aged 38 with a good credit report and a steady income are going to be accepted.

Splatfoot

MalMonroe said:

SueF1 said:

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

That is not surprising because 38 is really young!!  I'm sure they must have asked SOME questions but most people aged 38 with a good credit report and a steady income are going to be accepted.

Yes but it will be running till age 73. This is what the OP is querying. Mortgages into pension age. 

cii4ps

@MalMonroe don’t you have to be working (in a sustainable role) to get the mortgage? I thought term length is limited by pension age?

MalMonroe

cii4ps said:

@MalMonroe don’t you have to be working (in a sustainable role) to get the mortgage? I thought term length is limited by pension age?

No. Pension ages are all over the place at the moment, anyway. As long as you have a permanent income - and many pensioners have private pensions too, as I have. I don't think state pension alone would be enough, sadly. If your financial situation is stable, lenders will consider people over retirement age, whatever it is. Probably not get 30 years but 10 or 15 is acceptable for some lenders. 

People like the OP, at age 51, shouldn't have any trouble, especially as she seems financially sound.

Sanne

We got a mortgage that runs until hubby is 75th - didn’t have to prove anything other than a payslip showing that he’s paying into a pension. He’s a postman so even in a physical job- though I know some banks exclude physical roles from mortgages beyond 70.