My husband is 56 and I'm 55 years old , we would like to sell and buy a new home of similar value which is around 160.000 mark. We owe 70.000 on the mortgage and we have 25.000 in bank loans and credit cards, we have a joint income of 52.000. Would we be accepted for a new mortgage?
The short answer is that 'yes' you should be able to get a new mortgage. However the actual term of the new loan may be restricted by the age at wish you wish to retire, or your ability to continue servicing the loan into retirement if you should wish to do so.
Lenders affordabilty calculations have changed substantially in the past few years, and they all have a variety of ways they look at this. You might also want to look at using this opportunity to repay the unsecured debt as well.
If you'd like to explore your options in more detail, please let me know and I'll organise a suitable time for one of our consultants to contact you.
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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.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
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