How likely am I to be able to get a 20+ year mortgage when I am 50 next birthday?

[AubergineDusk]

Looking at options for buying out partner from our home. I am 50 next birthday and had assumed I would be looking at a mortgage term of 17 years maximum but a colleague told me today she'd easily obtained a 25 year mortgage and she is 45 next birthday.

LTV would be 55%
Repayment
I have a good credit score/history with no defaults

The reason for looking at such a long term is affordability. In reality I would intend to downsize when the kids leave home and pay off the mortgage sooner than the full term.

Anyone know whether this is likely to be a possibility. Don't want to start formally seeking advice as I'm just trying to understand whether this is actually an option at the moment.

I think it's possible. My mum was able to take out a 10 year mortgage at 60 so with you being 10 years younger than that I don't see why you shouldn't be able to get a 20 year one. Lots of people work well into their 70s now and I think mortgage companies are more understanding than they were. My mum's one was with Santander.

Yup. I am 50 this month, and got a huge 24 yr mortgage in December. It was with Santander, and it makes me feel a bit sick if I think about it too much, but we have a roof over our heads.

Some mortgage companies won't go past 65. Use a free broker as they will do the legwork for you and will know who to approach. Similar situation to you in age terms and the best remortgage offer we got (in the last couple of weeks) was 18 year term, with LTV of 70 percent and a good credit history.

Thanks for the rapid replies.

Interestingly the current joint mortgage is with Santander who seem to be open to this.

It would be scary but would allow him to move on with the opportunity to have a nice home and me to be independent.

I could only get a 22-year mortgage and I'm 43.

If no luck with Santander, you could check out Pricipality - a small Welsh building soc who look at mortgages on a case-by-case basis - with the added advantage of getting to talk to a real person at the end of the phone. A friend was recently given a 15 year mortgage by them and she's 60. Seemingly good rates too. I think she went through a broker first because of all the new mortgage rules which came in last year. She had a good credit rating and plenty of equity but most lenders were still reluctant to lend.

We could only get a 17 year mortgage as DH is 48, this is with halifax.

Also try Nat West - I looked at various options when changing our mortgage and that was one of their offers

I would say likely with Santander. I just got a 35 year mortgage with them and I'm 35.

I'm 49 and just got 21 years with Santander. Would also recommend Which Mortgage Advisers who have done the legwork and been brilliant in a stessful situation.

Kent Reliance - not aged prejudice

We managed to borrow extra on our existing mortgage which has 12 yrs to run - but we had to insist on our case being referred to underwriters at c&g (lloyds) as in branch "advisor" was completely uninformed.
You will be able to get the mortgage providing you can show it will still be affordable in retirement. We had to provide pension estimates and all sorts of ridiculous paperwork. And the fact that i currently work p/t due to DS age and will at some point return to f/t was completely uninformed

Bloody phone. Completely ignored. And i expect to be working for probably 10 years past the end of the mortgage!

Thanks everyone - looks like there should be a number of options.