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Mortgage advice for a prospective over fifty first time buyer

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Wascally Weasel:
Hi,  I’m not in a position to think about it just yet, and might not be for another five years – this would put me at age 53, which obviously puts me well over the threshold for a twenty year mortgage before pensionable age, let alone a twenty five year mortgage.

My question is, how likely am I to be granted a twenty year mortgage at that age for a first property using the argument that my pension income (company not state pension) would be sufficient to keep paying the mortgage? One retirement I would be able to take a reasonably large sum and possibly pay the mortgage off in full then anyway, can this be taken into account or should I just give up on the idea of property ownership?

Would be nice to paint a wall or be able to hang a picture before I retire – would also be good to be free from the ever present fear of “Will I have to move house when the landlord decides they want more money for rent than I can afford?”

Currently got a good rental situation (for London) but have no idea how long that will last.

Mrs Pingu:
Can't believe you've not had an answer to this yet.... I would have thought 'somebody' would take that on.
Probably a financial adviser would be able to pin it down better though.

Dave_C:
https://www.money.co.uk/mortgages/mortgages-for-over-50s.htm

ElyDave:
a work colleague of mine has just upsized aged 60 with a big increase in mortgage that was not an issue.

ScumOfTheRoad:
Wascally, I am in that situation.  Well, nto the first mortgage.
I am 53 and in full time employment. The Nationwide didn't seem concerned to have me take on a 15 year mortgage.
What they were concerned about was my earnings and outgoings, very keen to make sure I coudl afford the replayments.
I think they expectation is/was that when I get to retirement age the bulk of the amoutn will be paid off and I should be able to pay
the rest off with savings, or to continue to make the payments.

So dont let your age put you off. Its much more about your ability to pay off the debt.

Another strange thing this time around - I Was using savings to fund a part of the purchase. they were very keen to find out where the savings came from. There is much more attention being paid to money laundering these days, and I beleive banks/building societies cannot take it on face value where you have gots lots of $$$ from.

And one last thing - we went though long interviews with a financial adviser from the buildign society. Get it fixed in your head now what sort of mortgage you want from your providers portfolio. the adviser is being recorded, and they cannot and will not choose any given product for you. If I am not wrong they really do not want to be accused of mis-selling.

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