Applying for mortgage & DH too old for 25 year mortgage ...

[Missisdoyle]

We have sought the advice of 2 different mortgage advisors & they've both stated that as my DH is 47, we can only get a 17 year mortgage. He will probably be working until he is 70 anyway (!),so why is this so ? Has anyone else managed to get a 25 year mortgage, in their senior years ?

I do agree with Jamie re crash coming though. I have been renovating for years and it is usually quite obvious when things are in reverse and they are starting to go that way now. I am selling my own flat ATM and had a buyer day one in April but he couldn't get the mortgage post MMR even with a large deposit and him and his gf very good salaries. I took it off for a few weeks and then put it back on cheaper as agent said mine was one of 4 that fell through that week and things have flat lined. I had 9 more viewings today and 3 offers so there is still demand but the agent wouldn't look at anyone without a huge deposit as chains breaking everywhere.

We have17 years left on ours and mt dh is 53 I am 46, we are overpaying every month and hope to clear it sooner as we only owe 24000

A good plan, Vickibee. We were um-ing and argh-ing last year about buying - finally saved up a deposit, but got turned down due to the various credit issues we had as a result of our near bankruptcy when my new husband's business went under. I'm not even sure we'd qualify now - my husband's spousal and child maintenance bill eats up half of his salary. I live 54 miles from the practice, so my travel costs are about £350 a month too.
But my husband thought that there'd be a sudden rush last year when help to buy 2 came in, as anybody who could borrow did so, but then it would tail off. So far it looks like he was right, outside London anyway. Where we are, houses are still selling, but only the really nice ones, and quite a few of those come back on the market within weeks.
With all the money that's been poured into helping homebuyers, and the fact that prices have barely moved outside of London, i just don't think its sustainable. So overpaying is probably a REALLY good idea.

We dropped the price but the offers went over what we got last tine which is madness.

Jamie1981, I'm coming back to this thread in September to see if you were right! And I hope you are!

They can only crash if they have gone up , not like this in North just in London and SE. Prices here are pretty static over last 5 years

The Wilsons In Kent are selling their entire buy to let port folio 1000 properties, it's in the telegraph

Getting out before the fire sale methinks

I see this thread has been snooped on by a hpc. Funny that, eh, Ron.

I am not a member of HPC , just look on their as I think it's an interesting site . I am not part of a conspiracy if that's what you are hinting. Just agree with some of the members.I have never been banned from a site , I do have an opinion and I am entitled to it. The Wilsons must be clued up owning 1000 properties and I believe they can see the coming crash. The housing market will correct and this time it wont be bailed out. You cant have lower interest rates , and there would be an uprising if they bailed out the banks at the expense of the poor again.

I do look on there, ron.

And they always have links to these Mumsnet threads about house prices/mortgages etc. Normally planting someone to spout out the sort of same old same old disaster scenario,- oh, thats strange, - that you seem to be spouting now roneik .

It just gets a bit repetitive when they've said the same thing for 10 years. Surely any crash can't be considered much of a crash if the speculation has been ongoing for that long. Plenty of time for people to preempt any sort of crash, in the unlikely event it actually happens.

Sorry about all your financial troubles, but on the plus side, I don't think you are really a Tory anymore jamie..

Look again I am not a member of HPC , I have only ever made a few posts on this site in about a year. I am sorry if my posts rattle you. I only ever post on any site what I am thinking. I have got through life ok by doing what I believe to be right. I have to remind you the banks were within and hour of closing the ATMs and their doors in 2007. So I do believe that as people have not been getting inflation linked pay rises it all looks shaky and more vulnerable at this time. I know of someone now who is being repossessed , seven years of payments and seventeen grand deposit lost .she was doing two jobs and her health failed. The house 5 bed in north east has not gone up in value .Greed I would say as I would have thought an interest only mortgage on 163k at 53 years of age is stupidity by the banks and the borrower. The house is detached and has been on the market since December. She is now 60 and renting.
Similar big 4 bed houses in much better condition are 140ish detached with large gardens. The point is house prices are too high and they have peaked and are on the downward spiral. There are always forced sales , inheritance and repos set the price in areas once prices and sales falter.

Forgot to mention that because she could not keep the house up to spec it's not getting any takers . My estimate would be value about 145k. So eventually it will go to auction and will need money spent on it. If she had bought a 2 bed up here for about 80k in reasonable area she could have sold up and had most of her money back. It's boring being a bit cautious but I have a roof paid for and a decent income.She has her buy to let landlord to keep in the luxury he thinks he deserves at the expense of us all paying her benefit.

Hmm, my OH is a stock market/trading/charting geek and he would agree with Jamie as well. He isn't a 'HPCer'.

Whatever might happen, I think there is certainly a false sense of security about buying at the moment.

The Wilsons aren't selling because they can see a crash coming, it's because interest rates are scheduled to go up. Those are two different things, although correlated. My guess is that the Wilsons are leveraged to the hilt and that their properties are all interest only, which means they have never paid off any capital of what they have borrowed.

Prices won't crash because of supply and demand. They will most probably stay static or dip in areas such as the north east and the Welsh Valleys. That's because there is no real demand, whereas in London and certain parts of the south east demand is through the roof.

quote The Wilsons aren't selling because they can see a crash coming, it's because interest rates are scheduled to go up.

Same difference , landlords like that use the equity to leverage more properties. No doubt they make money out of it at present, but I bet interest rates up by two percentage points and things would be quite different for them regarding profit.

London is a pyramid scam and it's running out of suckers.

Interest rates going up by 2% + would probably be enough to crash the economy never mind house prices. Lets hope some event does not force them up out of the hands of Osbourne . Heres a clue for you all. In my lifetime every recession or property low, the first thing that becomes hard to sell is one bed properties and followed later by flats. I have been watching 2 properties in Lowestoft for months and everything else around nr339jj and 1 quarter mile radius is selling but not the one beds. I lived there once and its a nice area, lovely coastline

It's usually one of the first symptoms

Pregnant my DH works in banking and has said he thinks things are going to get a bit rough soon (although they are working very hard to make sure that doesn't happen). We are coming up to remortgage and he was suggesting a 10 year fix.

Shouldn't the advise always be to not overstretch yourself?

And agree with Bowlers it's not a crash if everyone is talking about it and has been for years! That's why I sort of don't think it will eventualise...everyone should have had plenty of time to sort themselves out

Gold class , people do talk about it while it crashes, and when nobody will see house buying as a good thing after a bad crash then would be the time to buy or move upward.We are paying out so much in benefits to the low paid self employed zero hour part time ect that the debt is reaching a point where it becomes unmanageable .I hate to think about the real cuts that will have to take place when we reach that point (very shortly).Instead of breathing life back into a dead zombie with help to buy schemes the effort should have been put into helping business with cheap loans. The housing bubble was beginning to deflate , and now we are in a far worse mess to get ourselves out of.It takes everyone to contribute to make an economy work well, Henry ford paid his workers over the odds and they could afford his product and his business thrived. That was in a depression and it was his belief and he was right. There are millions of people who are just getting buy and cant afford anything bar the essentials that's one of reasons we are in the mire

OP - to answer your original question. You can find lenders (not all but some) who lend for 70+ age. The condition however will be to show evidence of pension. For women the age is 65 or 67 I think. Best to ask your broker to find such a specific lender.