Posted on 29 April 2013 by Dawn
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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