We are 42 years old. Can we get a 25 year mortgage?

Posted on 11 June 2013 by Brian


We are 42 can we get a 25 year mortgage we have £20,000 savings and have £40,000 joint income with no debts we are both employed what would be the best mortgage to go for?

Brian,

At 42 years old, a 25 year mortgage term should definitely be achievable. Most lenders will asllow a term upto 70 or 75, and will want to see details of projected pension income if this takes you over your stated retirement age.

Without knowing the rest of the details around your personal financial situation and the purchase price / loan amount you are looking for, it's impossible to say anything about what the best mortgage for you would be.

However, generically the majority of our clients are looking at fixed rates at the moment, as although it's unlikely the bank rate is going anywhere soon, they are in the main, more competitively priced than their variable counterparts, though this is less the case at the higher loan to value's .  The length of the product taken will depend very much on the individual circumstances, and monthly budget.

If you'd like to find out more, please let me know, and I can arrange for you to speak to one of our consultants who can go through your options in more detail.

Regards,

Simon

simon.collins@johncharcol.co.uk

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