Is it possible to get a mortgage at 67 years of age?

[SWnewstart]

Sadly, my relationship may be reaching the end of the road (although hopefully still remain friends). House probably worth £300K - no mortgage - and my share would be £100K (I contributed 1/3 when we purchased). Would it be possible for me to get a mortgage on the basis of my state pension at £800 per month and approx £300 per month part-time job? I have £15K lifetime savings. Suitable properties are around £200K. Would I stand a chance or is renting the only way forward?

Here’s some advice: www.unbiased.co.uk/discover/mortgages-property/buying-a-home/mortgages-for-pensioners-i-m-over-65-can-i-get-a-mortgage

How long have you been married?

Is the property in joint names held as tenants in common or joint tenants?

Yes it’s possible to get a mortgage at that age, however the income sounds low for what you are looking to borrow and the monthly payments would be high. See an adviser who can talk through your options.

Would you consider a shared ownership property? Use you money for the owned part and then pay thee rent side of it.

Do you earn enough to pay it though? You'll get to a maximum 75, and they go from age at next birthday. By my online calculations your mortgage alone will be £1350p- more than your income.
There are many benefits to renting OP, not least of all such things as boiler/ roof repairs etc.
you could check out your local authority offers for over 60- there are some fabulous 1/2 bed properties.
Sorry that this is not what you want to read 😞

If you've been married for a long time your share will be a minimum of half, not a third and possibly even more. Post more details and someone can advise

Thank you for replies - Maryofthevirginkind - we're not married. House mortgage free in joint names. I think I'd be looking to borrow around £80-100K with my deposit of £100K. How does shared ownership work? I would like to leave something to my DD eventually.

My parents mid 70s got a lifetime mortgage with Yorkshire Bank last year. I don't know how big or how big the LTV was though

H and I are divorcing, he's 66, he has a better pension than you and so based on that he could borrow maybe £30-40k over 9 years but I think what you are proposing is too tight - you'd get so little on a mortgage and the repayments would be high.

With that £100k equity you could get a retirement flat in some areas, bought outright, but then you'd still have things like service charges. Or a park home (some are quite nice but again beware annual charges - needs investigation) Finally you could get a shared ownership flat - either an Older Person's Shared Ownership scheme or an ordinary shared ownership. Again with a flat, there are still service charges.

You'd buy your share outright (which is what you'd be able to leave to DD in your will) and then pay rent (and the tricky service charge) on the rest. However, you've then still got the issue of work and that small but vital £300 income - how long are you going to want to/be able work for? If you only have the state pension as you say, c. £800 a month, you'd then need to apply for pension credit to pay your rent. Its going to be tricky - ideally you need to retire with your accommodation fully paid up/rent free, if that's all you have to retire on.

Google shared ownership in xxx (your area) see what you can see and ring a mortgage broker. You'll probably need that advice for the consent order for divorce in any case.

If the house is in joint names and you owe as joint tenants you might be entitled to 50% how long ago did you buy it?

You get half.

Don’t worry about leaving anything to children. Your housing and income in retirement takes priority for now.

If DD is your joint child and at any time you've earned less for childcare reasons, don't discount that as a contribution to your relationship, so argue for a 50% share not 1/3. This would significantly improve your chances of an affordable mortgage, as you'd have 75% deposit not 50%.

Talk to a broker about your options, they will know which lenders will allow you a mortgage beyond state pension age. I think it's a growing market - after all, pension income is as secure as can be, unlike your salary, which can be lost even if your job appears secure.

Sorry just seen that you’re not married so ignore what I said about a consent order! Rest still stands.

Your very unlikely to get a mortgage of £80k-£100k on your income, especially not at 67 when you can’t get a 30 year mortgage.

Op a life time mortgage is an equity release scheme. Please research this carefully if you wish any inheritance for your kids and take legal advice

Agree. If you were a lot younger, at best you would get a mortgage for around 60-70KK but you would have a much shorter term so it would likely be somewhere around 20-30K you could borrow. Rent is hard to manage with £1100/month income so you would need to eat in to your savings each month. Unless you can move to an area where you can buy a flat for 80-100K.

OK thanks to everyone, have taken comments on board. It's not looking great. I'd just like to clarify that I was widowed 20 years ago and this relationship began 9 years ago. We both sold our houses and bought this one outright together - he contributed 2/3 to my 1/3. We agreed that if anything should go wrong, the split would work that way for the sale proceeds, which is only fair. He has also been responsible for the lions' share of utility bills. I contribute towards food, household purchases, cars, holidays etc.

I won't be pursuing any equity release schemes. We're not married and even if that were the case I wouldn't be fighting for more than my input of 1/3 - somehow we need to remain as "friendly" as possible. I will obviously need to talk to a mortgage broker (may be able to access a further £5K by selling jewellery and other family stuff) and I do appreciate that still won't really be enough but possibly I could raise enough for a little place of my own. Maybe our house could sell for more.

OP not sure where you are in Uk but I’ve just seen some lovely shared ownership places in Kent £100k for a 2 bed house with rent and service charges totalling just over £325 per month. I am sure there will be other places like that up north/midlands/more rural areas?

Do you need to stay where you are?
Could you move somewhere that you could buy outright?
Property prices are forecast to come down a little in the near future - not loads, but maybe 5 or 10% in some areas.
You could already find a fairly ok house where I live for 100k.

Look in your local area for shared ownership over 50’s retirement apartments

depending on the share you buy, you don’t have to pay the rent side.
the property on sale will tell you the share ratio
there not all 50/50