Can I get a 25 year term mortgage at 48 years old?

Answered on 1 February 2019 by Nick Morrey

Can I get a 25 year mortgage at my present age? My fiancee earns £21,000 and our mortgage in principle will cost us £1400 per month over 18 years which is quite costly. I do have a company pension in place which I have paid into for 12 years.

How your age affects your ability to get a mortgage

You need to give consideration to the following in tandem - maximum age at application, maximum age at the end of the mortgage term and maximum mortgage term, these are all interlinked when assessing current and future affordability.

The majority of lenders allow a maximum age of between 75 and 80 years at the end of the mortgage term and some would consider higher. Lenders also have a maximum mortgage term of between 25 and 40 years, so it may be possible to secure a mortgage based on your circumstances as your age will be 73 at the end of the mortgage term over 25 years.

Future income in retirement

Future retirement income will need to be verified if you take a mortgage term which extends beyond a notional state pension age of 75 years old which most lenders use as an cut off point, or your anticipated retirement age, whichever is the earliest. Affordability will be assessed on the future retirement income. For more information we recommend our guide to borrowing into retirement.

I suggest that you contact us on 0344 346 3672 to discuss your requirements further as I believe you would benefit from speaking to one of our independent mortgage advisers .Once we have a full profile of your circumstances we can decide which lenders to approach, as each has strict criteria in this area.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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