Buying your first home when you're 55+
Answered on 9 June 2013 by Nick Morrey
Is it possible to obtain a first time mortgage at 59 years old. I have 25% deposit on a house of £200k, and my salary is £20k per year. What are the possibilities or would I have to go below £200k to have any chance ?
Your age is not prohibitive to you getting a mortgage for the first time. The main influencing factors are more down to, how long a term you can take, as most lenders either have a max age of 75 or cap the term to your intended retirement age, and how the term will affect the affordability.
With regard to your salary, most lenders now work on affordability, and they have a calculator to work out how much you can borrow. As a general rule though the calculations don't go much over 5 x income, which I'm afraid would leave you short on the mortgage you would for 75% of £200,000. We used our how much can I borrow calculator to give you this estimate, which you can also use yourself.
If you'd like to go through your options in a bit more detail, then please submit and enquiry and we'll sort a convenient time for you to talk to one of our consultants.
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.