To think we don't have much chance of buying a house...

[IAmGrootGrootGroot]

We want to buy a house next year.

I'm a SAHM, early 30's. He will be early 40's next year. First time buyers.

Will have around 25k deposit, maybe 30.
OH earns a good wage.

I just feel, given his age, we are not likely to be offered a mortgage.
Am I wrong?

YABU. You just probably won't get option of 35 or 30 years, but why wouldn't someone in early forties not get a mortgage?

Give a mortgage broker a ring and see what they say, I don't think it will be an obstacle tbh

Depends where you are buying and how mixh you need to spend. You can get an idea by using online mortgage calculators. Wouldn’t say it was impossible.

He is his early 40s? That is not old!

Can't see that getting a maximum 20 year term will be a problem.

Of course you will. Lenders ask when you plan to retire and will allow the mortgage term to run until then. So if your DP expects to retire at 68, you can apply for a mortgage over 28 years. I know, because I've just done it. They'll lend a multiple of DP's salary, which you say is good, and you have a deposit of, what, 10%? You'll be fine.

Yes, you are wrong about his age. He's still got 25 years before normal retirement age to pay back a mortgage and many lenders will allow a term that runs until a borrower is 70-75.

Of course whether a £25k deposit and 'a good wage' will allow you to buy a suitably sized house depends entirely on what you mean by a good wage and what house prices are like where you are looking to buy.

I would take a look at Moneysavingexpert's First Time Buyers guide at the link below for advice on any schemes to help you to buy, different types of mortgages, getting your finances in the best shape prior to application etc etc.

www.moneysavingexpert.com/mortgages/

My mum got a mortgage on her own at 52. It will entirely depend on the value of the property you’re buying, salary, mortgage term etc. Speak to a mortgage broker.

Due to the current high cost of housing, and the rise in life expectancy, mortgage companies are beginning to adapt, and most will now offer mortgages to older age groups. Provided you have life cover to pay it off in the event of DH’s death, it shouldn’t be a problem.

Thanks all. I will admit, it was some comments on another thread that got me wondering if we would face some problems (I hope this isn't a taat, it was the thread where the lady was thinking of having another baby and were expecting 50k in a few years to buy a house, a lot of people were saying it wouldn't happen!)

Good to hear we should be ok. I'm hoping to get back to work in a year or so but I wouldn't be earning anywhere near what OH does so I'm guessing they won't go off my age rather than his?

I mean, I'd get a minimum wage job as I have no skill set.

Given your age, due to increasing pension age he’s probably going to be working until he’s 70, so I can’t see why you wouldn’t get a mortgage. Obviously how much you get will depend on his wage alone though (I don’t know what “a good wage” means, presumably you’ve done a rough calculation to work out how much you would be allowed to borrow).

Cross posted with a few of you there!

Thanks very much for your advice!

We'd be able to borrow around 250 on his wage alone, according to an online calculation.

Don't ever get yourself down over other threads. Everyone's circumstances are different even if ever so slightly.
Always check with proper sites and calculators because they will give you much more accurate)(though not 100%) info so you don't have to worry.
Good luck!

I think the issue on that other thread was that their entire future hinged on a £50k windfall at a specific point in the future, and the op getting a job. No one doubted that they'd get a mortgage, just that they were debating a third baby whilst in quite a precarious financial situation, with no thought for how they'd adapt if anything unexpected happened.

OP if you can get a job sooner even a lots paid one, it makes your application stringer, some lenders are wary of single income mortgages, especially depending on your DPs sick pay at work. I bought my first property alone, I was very much helped by the fact I get six months full pay followed by six months half pay if I am off long term sick. My DB and SIL can't move at the moment as whilst he earns very well he is self employed and she won't be going back to work for a couple of years as they have a toddler and a baby due any day now and her wage would be cancelled out by childcare. Lenders see them as too much of a risk and DB earns around £80-90k

We got a mortgage 3 years ago and my husband was 58. Took it out over a 10 years though but it does happen

Op I work for a bank in the mortgage dept. You will get a mortgage but they will likly restrict the term to the age that the oldest applicant intends to retire. So when they ask the question say 75 and let them challenge you, if they ask is that reasonable, say yes. You do not have to retire at state retirement age. Good luck.

My parents were approved for a mortgage aged 55 

We got a 15 year mortgage as FTB when I was 50 and DH 48.