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Getting a FTB mortgage in late 40s
the_mixer
Posts: 106 Forumite
I'm 46 and have lived in a council flat for many years now. I now have a deposit and an income of £20k and was wondering if it would be worth buying somewhere and would I get a 25 year mortgage from a provider, or indeed any kind of mortgage.
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Comments
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@the_mixer Based on the limited info in your post
- you should potentially be able to get up to a 23 year term- you may have the right to buy the flat you live in under RTBI am a Mortgage Adviser - You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
PLEASE DO NOT SEND PMs asking for one-to-one-advice, or representation.
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K_S said:@the_mixer Based on the limited info in your post
- you should potentially be able to get up to a 23 year term- you may have the right to buy the flat you live in under RTB
Scotland, no RTB up here anymore.Mortgage started 2020, aiming to clear 31/12/2029.0 -
@the_mixer I just had a mortgage approved and I'm early 40s. Don't have a definite house to buy yet, but that's another story!
Mine is on a 27 year term, so would take me up to 70ish. Have a chat with a broker to get advice.
Go for it, what have you go to lose!Buying timeline
7/4 - Offer accepted on a property
14/4 - Valuation booked by lender
15/4 - Down valued by 20k
21/4 - New offer negotiated
21/4 - Mortgage offer received!
26/4 Memo of sale issued
30/4 Homebuyers survey
5/05 Draft contacts received
6/5 Searches raised (should be received by 27.5.21)
7/5 Queries raised by our solicitor
10/5 Title deeds etc signed by us and send back
13/5 Purchase contract and transfer signed and sent back
20/5 Enquiries received from seller in part (2 queries outstanding)
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