You're not too old, my dad's friend got a mortgage when he was around the same age and he was buying his brothers share of their parents house after they died.
I can't offer any insight into how much it will cost. There are so many variables such as interest rate, length of mortgage etc. Only a proper mortgage advisor can tell you. |
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By (user no longer on site)
over a year ago
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"There are plenty of mortgage calculators online. Just enter the amount you want over what term and it will tell you what your repayments will be.  "
You just beat me to it |
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The old fashioned UK mortgage was often a 25 years repayment type - but there's much more flexibility on period and types now. Good advice here from the rest and it would seem feasible, subject to you finding payments affordable (which is what you're wanting to find out anyway). If you've got credit history, from cards, loans etc, it makes you attractive too |
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By (user no longer on site)
over a year ago
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Youd only get a mortgage of 10 years at a push upto 70 years old so 15 years.
They take into account type of work you do too as if your job is physically demanding? Can you still do it when you are older? If not what salary woyld you be expecting doing something else?
80 k x 10 year @ 3.9% roughly £800 month
15 years about £560 month |
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By (user no longer on site)
over a year ago
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You're not too old.Nationwide do up to age 85 , I think that's the highest age you can go to currently. That'll depend on your retirement income though.
Like others said , you can calculate it all online and usually get a decision in principle if approved. |
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By (user no longer on site)
over a year ago
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If you can prove your mortgage is affordable when you retire some lenders will agree to your loan term extending into retirement. Mortgage rate are great at the moment, a friend has a £60k mortgage over 8 years they are paying £800 p/m |
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By (user no longer on site)
over a year ago
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"You're not too old.Nationwide do up to age 85 , I think that's the highest age you can go to currently. That'll depend on your retirement income though.
Like others said , you can calculate it all online and usually get a decision in principle if approved. "
Yes youve got to prove you have an income coming in to pay your mortgage even in retirement.
Not easy getting a mortgage over retirement age unless you have rock solid big money pension coming in. |
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By (user no longer on site)
over a year ago
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"ok thanks all ..will go and look into it a bit further "
If youve only got a state pension amd not a private one and no other income coming in after retirement then you will be looking at a 10 year mortgage .
£800 a month is on 80 k
Rates depend on your credit rating.
Rare anyone gets the rock bottom rates unless your loaded or whiter than white credit history. |
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