We are 42 years old. Can we still get a mortgage?

Answered on 11 June 2017 by Nick Morrey

We are 42, can we get a 25 year mortgage we have £20,000 savings and have £40,000 joint income with no debts we are both employed what would be the best mortgage to go for?

At 42 years old, a 25 year mortgage term should definitely be achievable. Most lenders will asllow a term up to 70 or 75, and will want to see details of projected pension income if this takes you over your stated retirement age.

For more information on borrowing into retirement, read our guide.

Without knowing the rest of the details around your personal financial situation and the purchase price / loan amount you are looking for, it's impossible to say anything about what the best mortgage for you would be.

However, generically the majority of our clients are looking at fixed rates at the moment, as although it's unlikely the bank rate is going anywhere soon, they are in the main, more competitively priced than their variable counterparts, though this is less the case at the higher loan-to-values. The length of the product taken will depend very much on the individual circumstances, and monthly budget.

If you'd like to find out more, call us on 0344 346 3672 and we can arrange for you to speak to one of our consultants who can go through your options in more detail.

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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