Mortgages for Over 60's

Misteeq

Hi,

My partner (61) and I (51) are planning to buy a house together this year. Budget is £150K. He has a cash deposit of £120K and will require a mortgage of £30K. We are both in full time employment and have a joint income of £3,500 each month. During the summer months, he also has guaranteed overtime of approximately £500 per month (May-Sept).

My partner has no outstanding debt at all and has a very good credit rating. I entered an IVA in January 2022 which will be paid off in full within the next few months. Although my IVA will be resolved in full, we have agreed not to apply for a joint mortgage so not to complicate or restrict any lenders etc given my history. 

My partner earns £21K per year (excluding overtime during the summer months), and has been in the same job for approximately 25 years. Given his age of 61 can anyone advise which lenders (if any) will provide a mortgage of £30K over 7-10 years? My partner has never had a mortgage before as he saved up and paid cash for the house he currently lives in (he's lived there for almost 35 years).

We plan to pay off the mortgage much earlier as our joint income will allow us to save approximately £1,800 each month (more during the summer months with his guaranteed overtime).

Are there any lenders willing to provide a £30K mortgage for someone who is 61?

Many thanks

El_Torro

If your partner is in full time employment then they should be earning more than £15k a year (excluding overtime). Minimum wage is more than that.

Depending on affordability then a £30k mortgage should be OK. Some lenders will go even lower than £30k. Most residential mortgage lenders should give a mortgage that lasts until at least 70 years old. 

Since your partner has never had a mortgage then a lack of credit history could be an issue, depending on what other credit they may have had over the years. 

Misteeq

El_Torro said:

If your partner is in full time employment then they should be earning more than £15k a year (excluding overtime). Minimum wage is more than that.

Depending on affordability then a £30k mortgage should be OK. Some lenders will go even lower than £30k. Most residential mortgage lenders should give a mortgage that lasts until at least 70 years old. 

Since your partner has never had a mortgage then a lack of credit history could be an issue, depending on what other credit they may have had over the years. 

Hi - Thanks for your reply. Apologies - he earns £21K per year and not £15K per year! I have amended my original post to reflect this. Sorry for any confusion! 

Do you know which lenders would be the best for him to approach given his age?

He has recently taken out a credit card and is paying it off in full each month to help build his credit history as we recognise this might be a problem.

Many thanks.