Mortgage options post divorce (aged 51)

[DaydreamBeliever72]

Hi,

Coming to the end of my divorce process and we will be putting the family home on the market in a few weeks (after Christmas). I am trying to figure out how I will get a mortgage for property prices where I want/need to be. I’m 51, and almost 52 so time isn’t on my hands when looking at mortgages. I’m set to get around £130k from the family home. Houses I am looking at are about £250k. I don’t want to end up paying all of my disposable income on a mortgage as I’d end up with nothing to live on (and have some enjoyment). I also don’t want to be able to struggle to pay if house maintenance bills or car bills crop up.

My divorce fees have cost me £13k so far, which I need to pay back and I haven’t taken things to court as I’m undergoing a huge amount of stress in my work life as well as in my personal life. I am also not receiving any child support from the father (I have a child under 16 still with me 95% of the time). He has said he can’t afford to pay.

I’m looking at my pension in greater detail (NHS) and it looks like I will benefit from the McCloud ruling on my 1995 pension so will get a bigger pension and lump sum (not included in the divorce settlement as we have both agreed not to touch each others pension). I can get this lump sum at 60.

I am wondering, therefore, if I can get the house I want and pay a part interest only/part repayment mortgage to keep the monthly payments down. I’d then pay it off with my pension lump sum at 60. I could always downsize once both kids have left and I’d, presumably, have a nest egg built up in bricks and mortar.

Has anyone done this? Good idea?

Get the mortgage for as long as you can from the outset to bring down your monthly outgoings. Pay off a big lump sum of the mortgage when you get your tax free lump sum. How much do you earn? Some mortgage places will give you a term until you are in your 70’s especially with secure NHS job and pension.

Halifax search 150k over 25 years £855.00 month and age can be up to 80.

I'm 51 and got my first mortgage this year for 125k from natwest. It's for 23 years but I'm overpaying where possible to bring the term down.

You will have options OP, would recommend speaking to a broker. Re: Child support can he genuinely "not afford" anything, i find that hard to believe.

So sorry for the stress you are having to go through, sounds horrific :-(

Thanks. It’s awful. Really is.

If the father is working, put in a claim for child maintenance. It will come out of his wages automatically

Why should you pay 100% ?

I went to a broker at 50 and got a 25 year mortgage- it was the only way I could buy a house big enough near(ish) to school. Can I ask what the £13 k has gone on? We are still sorting out some stuff re my pension so haven't started proceedings yet.

He has gone part time. Although still earning a full time salary with overtime.

Solicitor bills ranging from £250 to £900 a month over the last 3 years.

I've just got a mortgage of £120k at 50 while going through a divorce - it's a 24 year term, Leeds Building Society. My new DP is also looking for a post divorce mortgage at 49 and his broker found deals til age 80 - like you he's looking at pension lumpsums to pay it down (and possibly inheritance). I unfortunately will have neither so it's just going to be my overpayments to reduce the term.