Mortgage advice older person 50 years old

[Lsgandhi]

How can I get a mortgage on low deposit. Fixed NHS salary. Son will be appearing in gcse in 4 years. Need stability.
thanks

You most definitely can get a mortgage. The question will be for how much and over what time period
I ended up having to take a 17 year Mortgage which frankly is well and truly out of my comfort zone. It’s not affordable but it was that or nothing.

Any particular lenders I should look at

How low is the deposit you have? 5%? 10%?

We took out our mortgage in our mid 50s when both were self employed. We used a broker and got a deal with a high street lender no trouble. We did get a decent interest rate for a 15 year term. With a salary and more appetite amongst lenders for low deposits you could find it’s easier than you might think.

Hi
about 10% max. Looking to borrow about three times my annual salary. The rents have gone up quite a bit which is a factor too

As an NHS worker you should have a decnet pension so it should be fine but you will either need to do it over a shorter term which will mean high monthly payments or be able to prove your pensionable income

Put a bit more detail, op- how much deposit, what price is the house etc, what do you earn?

Would suggest you speak to a free broker such as L&C - free and no commitment and they will have a good idea of which lenders would consider you.

Mortgage about 250000. Salary NHS doctor ( not junior doctor)
Issue is deposit

L and C?

I suspect you will need to find at least 20% deposit to make it affordable.

There are plenty of online calculators available that will give you an idea of costs

I am paying 1800 pounds in rent already. How fldifferrbt would a mortgage be

Different

London and Country Mortgages. They're a broker and have access to all sorts. Free and a good place to start.

£250k mortgage repayments at 4% interest over 15yrs are about the same as your rent of £1800 a month.
Mortgage Calculator 2025 - Repayment Calculator | Uswitch

Shared ownership is one way to do it.

Except it won't stay at 4%

What deposit do you have @Lsgandhi

It's not just about the mortgage payments, its all the other bills including maintenance.

How stretched is your budget currently?

10%

Not much stretched. What r the overheads?

Speak to a local broker and see what they can find for you

It's doable but its pricey...have you factored in all the solicitor costs, searches. Building surveys etc? I would honestly speak to a decent mortgage broker (not the free ones through estate agents) as they will find you the best deals without trying to sell you their insurances etc.

What about mortgage protection cover in case you get sick/can't work?

Life insurance etc

How are you considering buying a house without understanding the basic overheads?

Owning the house includes;
Life insurance
Mortgage/income protection
critical illness cover
Building insurance
Content insurance
Council tax
Gas
Electric
Mortgage
Food
Rainy day fund for maintenance
Boiler services - annually

Buying the house
Solicitor costs
Surveys
Searches
Moving costs

I have a life insurance already

Lot of these we already pay utilities , life insurance, income protection, contents insurance. How much is building insurance and is it different for new builds?

You’re a doctor and can’t use the internet to work out mortgage repayments?