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Original poster

Age 44 - mortgage years left?

17 replies

uselesstechy · 21/04/2015 20:11

Hi, I'm hoping to apply for a mortgage in the next 12 months following my split from my ex husband after 20 years. It's just occurred to me that I might only get a short-term mortgage because of my age. How likely am I to get say, a 20 year mortgage, when I'm age 44/45? Or would a lender only be prepared to offer a 15 year term or similar?

If anyone's got any first hand experiences of this it would be really useful to know as I'm trying to work out what I could borrow, thank you.

OP posts:
Ellawilk · 21/04/2015 20:13

Depends when you plan to retire. Most will take you to retirement age (max of 70).. If you have an amazing pension, some will do it into retirement (e.g retire 65, mortgage finish at 70). I'm a mortgage adviser.

DollyTwat · 21/04/2015 20:17

Most will let you borrow up to 65 and only beyond if you have additional income, such as rental property or pension

I work for a software house and we write mortgage software

Doilooklikeatourist · 21/04/2015 20:19

Took out 15 year mortgage 3 years ago , when I was 51 and DH 49

Original poster
uselesstechy · 21/04/2015 20:20

Ah, thanks DollyTwat and Ellawilk. So, I might just squeeze in 20 years if I'm quick then....? No sizeable pension unfortunately, so that's out but I don't want to borrow too huge an amount. Scary to think of paying a mortgage at 65 but i think that's going to be the reality.

While I'm here, am I right in thinking it's 3.5 times your salary as a single applicant, and that only certain lenders take maintenance into consideration?

Thanks again.

OP posts:
MrsSquirrel · 21/04/2015 20:21

I took out a 20-year mortgage when I was 49. It is possible, just depends on the lender. I used a broker, they knew which companies would offer on that basis.

norksinmywaistband · 21/04/2015 20:22

I am 43 Have just taken out a 23 year mortgage. They based on state retirement age of 67

norksinmywaistband · 21/04/2015 20:23

My lender took salary, maintainence, child benefit and tax credits into account

Mintyy · 21/04/2015 20:26

Alright Dolly love. Is that you?

Me and Dh (as considerably older parents with dc who are likely to want to go to University) are planning on carrying on working to 65 at least if good health prevails.

Indeed, as you now don't get your pension from the Government until 67 (m) and 65 (f) - am I right about that? - then surely lenders should consider those ages as the normal cut off point?

Mintyy · 21/04/2015 20:27

Blimey and Norks is here too! Is this a stealth reunion thread for very aged Mumsnetters? V pleased to see you both.

Bragadocia · 21/04/2015 20:31

We took out a mortgage last year, and as DH is 44, it was a 22 year term - that's all Nationwide would allow.

If you already have sufficient retirement income set up, to make repayments once you've reached state retirement age, I think you may get a longer term.

Orangeanddemons · 21/04/2015 20:33

I thought it was 67 for both men and women to revive state pansion

Original poster
uselesstechy · 21/04/2015 20:57

Thanks everyone, it's good to hear that people seem to be thinking at least 20 years is possible for an ageing bird Grin. Norks, would you mind me asking who your lender is, as I am hoping to find a similar set up?

OP posts:
everythingsgoingsouth · 27/04/2015 18:07

Hi, can I recommend London & Country? (as rec'd by martin lewis' site) They are a whole of market, no-fee broker. They found me a few mortgages when my wage was low, and child maintenance was by voluntary agreement. I have used them 3 times since, to re-mortgage. All done by phone/email/mail. made it all super easy too, they got back to me when they said they would etc.

Also, a rel of mine (then 68 ish) borrowed money to buy her flat in a perpetual-loan sort of way. She couldn't get a mortgage, but borrowed what she needed, pays interest every month ,and will pay the original amount back on selling it or her death.

So, I'm sure you will be fine! :)

DollyTwat · 27/04/2015 19:18

Hey Minty

I can only talk for the providers we have as clients so you may find other lenders are different

I would think anything past 67 you'd need to prove your income

greeneggsandjam · 27/04/2015 20:25

Hi

Jumping onto this thread to ask a question if that's ok? Some say child benefit, tax credit and the likes are taken into consideration by some lenders. I'm a bit confused as child benefit/tax credits are unlikely to last the entire length of a mortgage so how does that work? Does it mean your children have to be really young when you apply? What about if you have a 13 year old for example or a 16 year old with only a few years of that money left? Does that mean they wont be willing to take that money into consideration?

Needmoresleep · 28/04/2015 16:59

Would second phoning London and Country. Much quicker than trying to do the research yourself. Plus they may have access to broker only mortgages. They were really efficient and helpful with the form filling.

DollyTwat · 28/04/2015 21:13

Greeneggs I'll check what our software does, I think it will take that into consideration until the child is 18. Not sure on the rules - will be back tomorrow

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