We're 45 & 55 years old, will our ages be a problem getting a mortgage?

Posted on 19 March 2013 by Karen


Hello I have a new partner who is 55 years, I am 45 years old and we need to obtain a mortgage of around £200k. Our joint salaries reflect this sum but are our ages a problem??

Karen,

Essentially, as we're an Independent, Whole of Market broker, then 'no' your ages are necessariliy a problem, however to some lenders they will be.

Many of the major lender are clamping down on 'mortgages into retirement' and want to see pension income projections, or restrist the term of the mortgage you want, if it will take you past your stated retirement age.

Age also is sometimes an issue with regard to affordability, as the shorter the term they will allow, then the more this will affect how they calculate affordability.

If you'd like to have a chat regarding some of the options that might be open to you, please let me know and I'll arrange a convenient time for one of our consultants to contact you.

Regards,

Simon

simon.collins@johncharcol.co.uk

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