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To get a mortgage for first time in my mid 40s

(34 Posts)
Toooldforalcopops Thu 14-Mar-19 06:54:12

Is this a possibility

Singlenotsingle Thu 14-Mar-19 06:56:22

Why not? If you've got the deposit and can afford the repayments?

TheMobileSiteMadeMeSignup Thu 14-Mar-19 06:56:26

Presumably. They might give you a shorter term or something but the only way you will know is to ask a mortgage lender.

Pinkprincess1978 Thu 14-Mar-19 07:03:58

I've got a colleague who just got a mortgage for the first time and she is in her fifties! She has bought her council house for a really small amount though which helps. I would always advocate having a mortgage/owning own home if you can. Go for it.

AzureApps Thu 14-Mar-19 07:04:22

My DH did, we are looking to get a second property in my name.

nrpmum Thu 14-Mar-19 07:05:04

Yes x

Toooldforalcopops Thu 14-Mar-19 07:15:17

Thanks

mizu Thu 14-Mar-19 07:22:05

We bought for the 1st time last year at 45 and 42. Now got mortgage til I am 67! Was no problem.

Singlenotsingle Thu 14-Mar-19 07:43:18

I'm 67 and we've got a small mortgage which carries on until I'm 75. We want to extend it even after that (financially it makes sense). Age is no barrier. The rules are changing all the time.

Raspberry10 Thu 14-Mar-19 07:47:26

You can get one, we are 45 and 47 and told them we’d be retiring at 70 (more like never tbh!) and they happily gave us a mortgage. Really didn’t fancy renting in old age.

legolimb Thu 14-Mar-19 07:50:10

We just got a new mortgage in our fifties.
It's a 10 year interest only deal though so not quite the same as a standard longer term repayment mortgage.

Retirement age will be into late sixties so there's every chance you will still be earning a wage.

cantbearsed1 Thu 14-Mar-19 08:05:21

If it is a short term, fine. But I do worry about those who have mortgages until they are past retirement age. or even before then. Illness is more likely as you get older, and many older people manage to work by reducing their hours. Certainly having a mortgage beyond retirement age is risky. Plenty of retired people have an active retirement but would struggle to work full time in a busy job.

Singlenotsingle Thu 14-Mar-19 08:16:05

Pensions are everything cantbearsed!

Looneytune253 Thu 14-Mar-19 08:18:15

We’ve just got ours now and I’m 35 and dh is 45. We just reduced the term to 15 years

HazelBite Thu 14-Mar-19 08:35:32

@cantbearsed we took out an interest only mortgage when DH and I were in our mid 40's the reality is that property values generally increase as (hopefully) does your salary.
25 years on our mortgage is paid off (pricipal sum borrowed too) and in our 60's we are living in a lovely home that is financially a huge asset.

Dungeondragon15 Thu 14-Mar-19 08:43:04

I can't see the dilemma. If you can afford the deposit and repayments of course you should get one. I would aim for a 25 year one that will accept larger installments without penalty. As your salary increases you will hopefully be able to pay off larger and larger amounts so that you finish paying well before retirement.

MaltbyMaeve Thu 14-Mar-19 08:46:53

Have a look for lenders who will take retirement income into account. We helped my Mum get a mortgage at 55 and the lender just checked it would be affordable on her retirement income. We went with National Counties but that was a couple of years ago.

implantsandaDyson Thu 14-Mar-19 09:26:44

My sister bought a house for the first time last year and she's in her 40s. They had previously rented and she split from her husband. She was very realistic about the kind of house she could afford and my parents helped her out with her deposit (they had received a small inheritance).

Singlenotsingle Thu 14-Mar-19 09:33:54

I would never EVER rent if there was an alternative of buying. You've got security, no landlord can chuck you out, the repayments are likely to be lower than any rent and you can paint, redecorate, or put pictures up, without having to get permission from anyone. grin

flirtygirl Thu 14-Mar-19 09:44:02

Op did you really think that only under 40s can get a mortgage.

For the most part, it's about income and expenditure and whether you are acceptable to the bank.

They may look at older ages than 40 more closely but even that is negated to some degree, if you have enough income.

Do you want a mortgage op?

Toooldforalcopops Thu 14-Mar-19 10:39:59

Yes, I was just worried I wouldn’t get one because i might retire before the mortgage term ended

flirtygirl Thu 14-Mar-19 12:09:11

Retirement age is 67 or 68 for most, so work out how many years you would have with a standard mortgage.

Money saving expert has some good calculators so you can see how much you would pay, choosing different interest rates, mortgage lengths and amounts borrowed.

A broker may also be able to find you mortgages that go past retirement age.

Ribbonsonabox Thu 14-Mar-19 12:15:23

YANBU we just got one. It's in my husbands name only (I am a SAHM) and it's his first and he is 46! It's a 20 year one.

sueelleker Thu 14-Mar-19 12:36:44

My SIL took out a 10 year mortgage when she was 48. (She was a primary school teacher, and single; and until a few years before that the Building Societies would have laughed at her)

livingthegoodlife Thu 14-Mar-19 12:57:22

My grandmother was granted a mortgage at 85 using her pension income. (This was a remortgage of her current home due to debts of my late grandfather btw).

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