finding a mortgage at 50+

ddiand

Please advise me. where and how can I find a 1st time mortgage when I am nearly 52? circumstances mean I can find 50k downpayment my earnings are approximately 16,000 p.a.

dwsjarcmcd

ddiand,
The issue here is post retirement income and the term of the loan, as well as how you intend to repay i.e. you will need to demonstrate to a lender that you can afford the repayments into retirement from pension plans, so you should speak to them with retirement projections.

HGLTsuperstar

50K is a sizable deposit so what price are you looking at? The more you put down, therefore the less %of property value you require is obviously better, your age itself is not a direct factor (as there are anti-ageist laws) but as stated above, when do you plan to retire and what are your provisions. As always the key is to shop around and dont be afraid to call their bluff, with 50K you can afford to threaten to walk away if they wont meet you in the middle

herbiesjp

How much do you need to borrow?

What is the purchase price?

nearlyrich

We got a 60K mortgage when my DH was 53 from the Halifax, we only took it out for 10 years but they would have let us have it for longer as DH has a final salary pension.

As other posters have said it depends how much you need to borrow and what income you will have in retirement to fund the repayments.

Ian_W

Agree with other posters [though I'm not sure HGLT's "anti-ageist laws" actually help] that age, in itself, isn't the most important factor.

Mortgages are regulated and if you're "sold" one without the lender being satisfied you could meet the repayments after the normal retirement age they would potentially have problems with mis-selling.

On a positive note, my previous lender, Coventry Building Society, had a T&C on their mortgages that borrowers had to be no older than 85yrs by the time the loan finished. So you could, in theory, get a 33yr mortgage [don't think they'd do it though!] with them - I'm sure many other lenders have similar T&C's.

So it's really affordability now and in retirement that you should be concerned with. B of L.

Zeerust

Snap, I'm 52 and in the process of of getting a (re)mortgage (£125k) on a property valued £265k - divorce. Been to Halifax (HBOS), they said that I'd have to pay it off by age 65, which is what I plan anyway. Income of approx £50k.

Any other ideas?

Thought of registering with John Charcol (online). Has anyone had any dealings with them?

herbiesjp

As long as affordability is there post retirement, and can be proven i.e pension income, investment income etc then there are several lenders that will give loans post age 65

HGLTsuperstar

Ian_W wrote:

Agree with other posters [though I'm not sure HGLT's "anti-ageist laws" actually help] that age, in itself, isn't the most important factor.


What I meant with that no lender will tell you direct to your face that you are too old, as it is a form of discrimination and you can take legal action (same as sex, race etc). Of course though there is indirect discrimination, and you try proving that in the courts!

ddiand

ok more to it than that. I only started working 5 years ago as I had a house and no mortgage. situation now that my ex partner ( I invested mymoney in our relationship) says legally not bound to give me a penny My name not on anything. wouldnt put me on deeds won't put me in will. wouldn't put me on poll tax. Have no pension. house was my pension. 30k is my pay off. might give me a bit mre later but if i put him in a corner i won't get a penny. ok i know - love is blind. but a bit late for the advise now on that score. seen a property for renovation for 120k. not too much work. a lot i could do myself. salary 16k no pension

ddiand

ok more to it than that. I only started working 5 years ago as I had a house and no mortgage. situation now that my ex partner ( I invested mymoney in our relationship) says legally not bound to give me a penny My name not on anything. wouldnt put me on deeds won't put me in will. wouldn't put me on poll tax. Have no pension. house was my pension. 30k is my pay off. might give me a bit mre later but if i put him in a corner i won't get a penny. ok i know - love is blind. but a bit late for the advise now on that score. seen a property for renovation for 120k. not too much work. a lot i could do myself. salary 16k no pension