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

[Toooldforalcopops]

Is this a possibility

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

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

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.

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

Yes x

Thanks

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

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.

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.

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.

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.

Pensions are everything cantbearsed!

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

@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.

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.

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.

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).

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.

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?

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

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.

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.

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)

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).

This is reassuring, I'm in my early/mid 30's and realistically wont be able to buy until im around 40-42. DP says nobody will lend to us at that age but I pointed out that we should be fine as long as the term ended before we retire and it looks to be that this is indeed the case!