Mortgage For First Time Buyer at 62

tedfud

Hi

is it possible?. I am self employed . Have been all my life doing the same job . I earn about 100k a year with my wife who is also self employed. I get 20k a year in royalties, We have a son who is disabled and he gets about 15k a year.  I have 100k in cash. Would I be able to get a mortgage ?

many thanks

tedfud

El_Torro

Depends on how much you want to borrow and how long it will take to pay it back. It should be relatively easy to get a mortgage that lasts until your 70th birthday. Is that long enough? You might be able to have a pension for longer but the options become more limited.

tedfud

El_Torro said:

Depends on how much you want to borrow and how long it will take to pay it back. It should be relatively easy to get a mortgage that lasts until your 70th birthday. Is that long enough? You might be able to have a pension for longer but the options become more limited.

I need about 500K so that won't be long enough tbh . I have a daughter, should I try and get her involved ( even though we would be making all the payments ) ?

best

e

El_Torro

Wanting to borrow £500k on a joint income of £100k a year is going to be a challenge at the best of times. Borrowing this amount when you are in your 60s is going to be even more of a challenge. Getting your daughter on the mortgage might help you but might also get messy.

I would suggest speaking to a mortgage adviser to see what your options are. Generally mortgage advisers don't charge an initial fee.

silvercar

I’ll move this to the mortgage board.

poseidon1

El_Torro said:

Depends on how much you want to borrow and how long it will take to pay it back. It should be relatively easy to get a mortgage that lasts until your 70th birthday. Is that long enough? You might be able to have a pension for longer but the options become more limited.

Find a broker who can put you introduce you to Perenna. See link

https://perenna.com/

However seems to me that even with Perenna you will hit an of affordability issue for a long term mortgage unless you have made significant pension provision that could kick in at 70/75.

 I can't see any mortgage underwriter accepting the supposition that you will be able to continue to be a high earner well into your eighties, with no unearned income kicking in at some point to pick up the slack.

kingstreet

If plausible for you to work until then (non-manual!) it should be possible to get a term to 80 based on current income. Speak to a decent independent broker.