Posted on 4 October 2018 by catherine
Can I get a mortgage?
Anyone is able to get a mortgage – given that they have the right property, right deposit and right means of being able to afford the mortgage being taken out.
The biggest part of a mortgage is being able to show affordability, our mortgage borrowing calculator will give you an estimate of how much mortgage you can get based on your income for a sole applicant or a joint mortgage application, although this will vary greatly from lender to lender.
Depending on the type of mortgage you’re looking to take out, there are different criteria for each.
An issue for most applying for a mortgage is age. The choice of banks or building societies willing to lend beyond normal retirement age is limited and those that do will need to see that you can afford the mortgage throughout its term. You will also need to think carefully about how you wish to repay the debt. A capital repayment mortgage will pay the debt off over the term of the mortgage but will have higher monthly payments than an interest only mortgage. Whereas an interest only mortgage will have cheaper monthly payments, but you will need to have the funds available to repay the debt at the end of the term to avoid having to sell your home.
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.