Any mortgage advisors out there?

[butwhatabouttheroses]

We have just received a small inheritance which means for the first time ever we can look into buying a house and getting out of rented accommodation.

However... I'm 57 and my husband has just retired and is about to start taking his state pension (he has no other income)

I was hoping to get a 15 year mortgage based on my salary of £50k.

Is a 15 year mortgage possible at my age? I have a personal pension that would pay about £1000 a month on top of my state pension when I retire (although I'm happy to work till I'm 72 if I can)

Is there any way my husband's state pension could be included in the household income and therefore count towards our borrowing amount? We live in the south east so even the tiniest flat is £££!!

Thanks!

Don't do it.

Don't take out a mortgage at 57. It's a really bad idea.

Take your lump sum and invest it wisely instead. You should get at least 8% on it, especially if you can tie it up for 5 years.

Property isn't the be all and end all - investments have a place too.

In your position I would not do a mortgage beyond state pension age, unless I felt able to switch to equity release by the time of reaching state pension age.

If you lose your job, it gets really hard to find another at the level of pay you are used to. You may think you want to work to 72, but all sorts of things can happen healthwise that make it tough to carry on with a mortgage. Working at that stage is fine if you want to do it and don't have to do it, but it is a whole lot harder when it is that or lose your home.

Equity release might make your numbers add up more easily.

How much was the inheritance?

What is your pension age?

Can you take early retirement or relocate?

Thanks everyone. I get what you're saying about not wanting a mortgage past retirement but the mortgage is the same cost as our rent - £1,500 so it's either £1,500 mortgage till I'm 72 or £1,500 rent forever! It has made me think though so we might look into a shorter term (or early repayment) if we can afford it.

Someone asked how much the inheritance was - it was £59,000. We have some savings so will be just shy of a £100k deposit. With a mortgage of £225k we can just about afford a tiny house.

Borrowing more if we could would be good but I'm just not sure if a mortgage company would lend until I'm 72. If we could add my husband's state pension so our income that would really help, but I have a feeling they won't go for that.

Thanks for all your advice x