Contemplating divorce at 55, what are my mortgage options?

LF03ACZ

As a (potential) divorcee, self employed, expecting to walk away with around 120k from sale of marital property, what can I expect in terms of obtaining a mortgage? I have no idea what lending criteria are for the self employed nowadays. For info, my typical taxable income is around 30k pa and have a good credit history. Health permitting, I plan to work until 70. 

If I stay in the relationship for a "one last try", at what age do these options diminish? Would hate to spend the next couple of years flogging a dead horse if my window for finding somewhere secure to live out my days is closing fast.

I know there are so many variables here and no crystal balls available, but some general advice would be much appreciated. I really hope my options are not solely "miserable but financially secure" OR "free but impoverished".

Thanks in advance.

Randomreader

I had to remortgage my house following divorce last year at 57. I had £80,000 equity in the house and had to pay ex £80,000 for his share.

In years gone by I would have researched mortgages myself but with different lending criteria/checks etc there was no way I would do that now.

I booked an appt with an independent mortgage advisor who checks the whole of market and he got me sorted with a 5 year deal with NatWest and so glad I went for that now with increase in interest rates.  Due to my age I could only get mortgage for 13 years and max £70,000 as I only earn just over £21,000. 

There were other mortgages available and he explained each option thoroughly to enable me to make the decision.  

The advisor was £250, though I am in NI so that may not be relevant to your location.  Feel it was money well spent and intend to contact the advisor again when the 5 years is up

 

ACG

The amount you get will be diminishing now. Once you start to drop below around 20 years, the amount will start to reduce. In addition to that with the cost of living going up and interest rates going up, it all has an effect.