Why won't mortgage vendors consider me?

FedupUK2024

Hi All, I'm 51 yrs old earn over 110k a year. Due to personal circa stances and paracite landlords I need to buy somewhere quickly or face living on the streets (metaphorically speaking).  The most any vendor will consider is a 95k loan. 
I cannot even buy a shared ownership flat at this price.  What on earth is the problem, how is it possible for my landlord similar age to keep buying properties at in excess of 400k multiple times a year?
Anybody have a responsible explanation or options to consider?  

silvercar

What is your planned retirement age? Some lenders will go to 70, but that may depend if you have a sedentary job.

kingstreet

£95k? So there's an issue with your income and how it's made up, your commitments are too high or you have set too short a term. "Mortgage vendors?" where are you from? How many mortgage brokers have you approached?

amanda1024

Have you talked to a mortgage broker? It could be things like having a small deposit, not having a ‘stable’ source of income, not having very good credit history etc

kingstreet

£110k p/a all basic, 10% deposit, no commitments and an 18 year term to 70, I'm getting £443k on the Halifax affordability calculator.

FedupUK2024

Thanks everyone, to cover the points. 
I live in the NW of the UK. 
I have very little debt roughly £650 on credit cards.
Liquid assets of about £30k
Retirement age is set at 67 from the pensions perspective.  
Full time employed in a snr position at at global fortune 500 company. 
My last 2x mortgages were paid off in full 20 years early. 
I no longer have either home due to divorce. 
In effect I'm a 51yr old first time buyer.
I've not tried any brokers I've gone direct to vendors even tried my previous HSBC.
Credit history is rock solid, credit rating excellent. 
I'm wondering if it's a risk factor because of my age and constant weekly air travel. 

Being honest and hard working all your life seems to be valued less than corruption  by money lenders!  

ACG

Your age is a factor but not in the way you think. 
Your age and retirement age means you are not looking at a 25 year mortgage, so the 4x income multiple is probably out. 

But you should be looking at well over what you are gettnig unless there is something else. As kingstreet says, there is a problem, it could be a number of things although I am going with your income as an initial guess - is it all basic or is it say £50k basic and then £65k overtime or bonuses? That can make a big difference. 

Speak to a broker. 

kingstreet

None of that suggests the loan amount you are suggesting. You can choose a selected retirement age different to that of your pension scheme.

Put the details in here https://www.halifax-intermediaries.co.uk/tools-calculators/mortgage-affordability-calculator.html
and you should be offered £472,185.

One applicant
No dependents
£500,000 PP
£475,000 mortgage
18 year term
Freehold
£110,000 basic
£650 card debt.

If the facts vary from the above, enter what is correct.

noitsnotme

You’re not a first time buyer as you have previously owned property.  Are you trying to apply as a first time buyer?

kingstreet

noitsnotme said:

You’re not a first time buyer as you have previously owned property.  Are you trying to apply as a first time buyer?

Shouldn't be an issue here. However, FWIW Nationwide treats those who have been mortgage-free for three years or longer as an FTB.

noitsnotme

kingstreet said:

noitsnotme said:

You’re not a first time buyer as you have previously owned property.  Are you trying to apply as a first time buyer?

Shouldn't be an issue here. However, FWIW Nationwide treats those who have been mortgage-free for three years or longer as an FTB.

Thanks, wasn’t aware of that.