Getting a mortgage post 48

[MsGoodenough]

How easy/difficult have people found getting a mortgage post divorce if you are 48+? I will have a good amount for a deposit but scared a mortgage provider will turn me down due to age.

I got £250k one at 47. It runs until
I'm 69. Not great but not much to stay in marital home after divorce.

Same amount as @Fluffycloudsfloatinginthesky here, same situation but at 51. Runs to 68!

It’s not age OP, but your income needs to be sufficient to meet affordability checks over a shorter term.

I have 400k left on my mortgage and I'm 45

Right, I'm following this!
Are you all single and able to borrow these amounts?
On what kind of salaries?
I'm just about to dip a tentative toe into these waters and this has come as a surprise.

I'm not single but I'm the only earner in our household - runs until I'm 67 and I earn about 150-170k a year depending on bonus.

Yes, single parent, no debts apart from mortgage. No CMS from XH, I didn’t pursue it and he didn’t offer.

Not sure what multiples the banks lend these days, is it 3 or 4 x single salary?

Loads of options out there, and plenty of lenders who will lend any multiple of your salary providing you can afford the monthly payment at a stressed rate. If you're over 55 you can consider a retirement interest only mortgage with no end date. Get a good broker.

I sold my flat and got a new small mortgage aged 52 :).

I had a big deposit (proceeds from the sale of my flat) and it is a 10 year mortgage.

I used a broker though which made everything quicker and more straightforward.

DH and I are 55 and renew our mortgage every couple of years. Acc to our broker you can have a mortgage up into your 70’s if your projected pension would cover it.

There is no legal retirement age now so you can't be refused because they don't think you have enough working life left.

It should all come down to income. Obviously a large deposit means you can access a lower rate and that'd be more affordable.

Thanks. I'm worried it just won't be affordable. I always thought having a good deposit would make things straightforward (I'd have about 50% of cost of flat) but it's just hit me I'd need a shorter term and the monthly amounts might not be affordable then. I wish I'd done this years ago....

I got one at 58 that runs until I'm 75. It's quite low loan to value though. I'd get a broker to sort you out.

Thanks, that's really interesting. I thought most lenders drew the line at 'pension age', but when we bought this place, pension age was 60, so that's clearly not the case anymore.

My pension income wouldn’t be enough for me to service my mortgage payments as it will be just under half my salary.

I’m planning on downsizing, buying something smaller outright and gifting my kids a deposit before then.

The only thing that keeps me slogging it out in a stressful job is being able to help my kids tbh.

I got a small repayment mortgage at 50 that runs until I'm 70. Single and self-employed with no guarantor, so possibly every mortgage company's worst nightmare. However, I had 80% deposit from the sale of the former marital home and had no problem getting an offer at a good rate once I could prove via my tax returns that my income had been stable for many years.

Don't give up still try, I suggest a broker visit though.

I had a three times on a 13 year term to 70.
Watch that it can be ported to interest only. I fell ill and I now have to downsize.

Thanks everyone. It's scary as I don't know whether to split up or not, but if I'm doing it I need to do it asap to be able to get a mortgage. Time for some grown up decisions... (Not something I'm good at).