Call us on 0344 346 3672
or arrange a callback

I'm almost 56 and want to buy a house. I have a large deposit to put down, but there lenders that would provide a mortgage ?

Posted on 3 December 2014 by Bernard


I am approaching 56 years of age and would like to buy a house and obtain a mortgage to do so, I will have a large deposit to put down, are there lenders that would provide a mortgage ?

Bernard,

Your age will not stop you from getting a mortgage, however what it will have an impact on the term that maybe offered to you. Since April, the implementation of the Financial Conduct Authority's Mortgage Market Review has meant that lenders are focusing far more on areas like affordability, and how this affects the term of the mortgage they can offer, particularly if you want to take the loan over your expected retirement date.

Many of the major high street lenders can be difficult to access for the more mature borrowers, and it maybe that we would look to one of the smaller building societies who manually underwrite, and can take a more realistic approach.

If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help.

Regards,

Simon

More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders

 

 

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.


Legal

YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.

John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.