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.