Buying your first home when you're 55+
Posted on 9 June 2013 by Gerry
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 let me know and I'll sort a convenient time for you to talk to one of our consultants.
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