Buy another house

[Indigo72]

Hi,
Does anyone know what kind of amount I’ll be able to borrow for another mortgage? I am reluctant to borrow as we were mortgage free and I am 50 next year. But, I have to sell the family home and give stub-ex half.
I earn just over £40k a year and hope to retire at 67 (if not before)!
I’m looking at about £100k-£110k for my half of the family home but I’ll need approximately £70k for anything decent. I can overpay (as I did with out first mortgage) but I don’t want to be paying out loads, especially as I’m on my own with the kids (who I have most of the time).
I will get a pay-out when I retire (around £50k) from my pension but I’m hoping not to touch that.

Any idea what a 50 year old can borrow on a £40k salary? I am due 3 pay rises over the next few years which will add another £10k.

See an independent advisor. It's really dependent on more than age and earnings. Different lenders calculate affordability differently too.

www.moneyadviceservice.org.uk/en/tools/house-buying/mortgage-affordability-calculator

How old are the kids so why are you bearing the brunt?

I'm a single mum. I recently
remortgaged (45 years old) and they wouldn't go anywhere near 4.5 x salary as advertised because I have dependents and this drastically reducing the lending. My ex doesn't pay maintenance.

They loaned 3.5 x salary if this helps you.

As others have said go to a independent financial advisor - whole of market.

But I have just run through the nation wide (that is who my new mortgage is set up with) calc with your details, a 17 year mortgage of £70000 would cost about £381-423 a month.

I put house amount at £170000 and mortgage amount at £70 000.

I should add that I wanted 30% loan to value (low risk) and frankly I feel pissed off!

I am a little older than you and recently got an 80k mortgage post divorce and my income level similar to yours. Only difference is I had more equity to out down so loan to value ratio was lower. Get a good mortgage broker, in this kind of situation they earn their money. I paid a £600 fee to my broker. Good luck

In addition they said they could potentially lend you up to £190 000 which is 4.75 x your salary but I think your age would preclude that.

I was stunned by the mortgage I managed to get to buy my ex out, but I was only 34 which helped!

I think you are in a very good position.