First time buyer aged 45-possible?

[Elmhurst]

For various reasons we never got on the property ladder when we was younger (and houses more affordable!) We would love to buy and decided we’re going to devote the next two years to saving every penny and going for it. My husband will be 45.
I’ve heard people do get approved at that age but I’m not sure if they’re the exception rather than the rule.
Has anyone here bought a home at that age?

My sister bought her first when she was early forties, I am not sure she was able ro get 25 years term though, think hers is 20 years.

Well I hope it's doable OP, because I'm 46 and hopefully buying for the first time later this year! DH and I will be going for a 15 year mortgage and have a good-sized deposit though so should be ok. Fingers crossed.

Good luck dusty!

Have you spoken to a mortgage broker for advice or anything yet?

I don’t think we could afford less than 25 years, sadly.

We had an agreement in principle earlier this year but then covid etc hit so we will probably have to reapply.

I could kick myself for not getting on the ladder when I was in my 20s, but I didn't and there's nothing to be done now.

I feel like the oldest FTB ever

We weren't ftb but we moved recently and dh was 43. It wasn't an issue on a 25 year mortgage.

Ohhh this in encouraging!

I’m annoyed we didn’t do it sooner too. Houses seemed so expensive even back then but looking back it was so much more affordable.

Most high Street banks lend to 75 and I am sure one (maybe Halifax) lend to 80

There were quite a few mortgage products up to age 70/75 as long as there was proof of pension income. Try a broker. You can always over pay once a mortgage is secured.

If there is no pension then the mortgage will run to state retirement age. That would give you 22 years.

Second time buyer here but we are 44 and We have a 25 year mortgage but it expires once I’m 45 if that makes sense.

Second time buyers with a 22 year mortgage, I was 43 at the time and DH was 47.

I think it's fine as lots of people trade up in their 40s

I got a 25 year mortgage two years ago at 40.

We are the same. We did have a house but lost it when our business went under. We are both 45 and saving like mad to start again.

DH and I bought our first house only 18months ago, I was then 47 and DH 43. Our mortgage is 23 years purely because I didn’t like the thought of having a mortgage over 70 years of age - although we do already overpay slightly.
We could have had it over longer term, this is with Nationwide who we went to direct. We did have a good deposit though £90,000 on a £250,000 property.

I’m 53 and just bought our first property last year with a mortgage term of 15 years. TBH I never actually thought about whether the bank would think we were too old. I had a 30% deposit and just had had enough of renting.

Hello, mortgage broker here.

All most all lenders will happily lend up to age 65 and some go to 70 or your planned retirement age. If you plan to go for a term over 65, some (not all) will ask to see proof of a pension.

Affordability will be key, and you may not be able to borrow as much as you anticipated if you need to take a shorter mortgage term due to age, but being 45 alone isn't going to stop you securing a mortgage.

Go see a broker who will be able to give you personalised guidance for your situation. They are all wanting business at the moment!

No problem. We bought this house when DH was 44 and me 48. Got a 22 year term. 70 tends to be considered the cut off.

I'm not the earner in the household, btw.