Jump to content
House Price Crash Forum

What Are The Chances Going To Be Of Getting A


 Share

Recommended Posts

The property expert on the JEREMY VINE show today although VERY bearish said that it will be very difficult for anyone over the age of 50 to get a mortage even after house prices have fallen.

My Mum got a mortgage (many years ago now) when she was about 50, obviously she only had a short while to pay it off but shows is was possible.

My problem is by the time this CRASH has played out (I would say worst of it will be over within 2 years) I will be knocking 50 (my partner is 50 now).

When he said this he scared me a bit.

Surely once things 'settle down' a bit it should be possible to buy as long as we have a good deposit.

What do you guys think?

Link to comment
Share on other sites

Guest KingCharles1st

Being in a roughly similar position- maybe the question ought to be- "Is there much point in getting a mortgage once you are past 50?"

I think that will keep me busy for hours on excel- and I have a nagging suspicion the answer is going to be no.

Link to comment
Share on other sites

I agree with KingCharles, you might be better using the money you have now to fund accomodation for your retirement rather than buying, It would only really be possible if you could reasonably pay the balance within ten years, which may be possible if the deposit is big enough and the property is cheap enough.

Link to comment
Share on other sites

The property expert on the JEREMY VINE show today although VERY bearish said that it will be very difficult for anyone over the age of 50 to get a mortage even after house prices have fallen.

My Mum got a mortgage (many years ago now) when she was about 50, obviously she only had a short while to pay it off but shows is was possible.

My problem is by the time this CRASH has played out (I would say worst of it will be over within 2 years) I will be knocking 50 (my partner is 50 now).

When he said this he scared me a bit.

Surely once things 'settle down' a bit it should be possible to buy as long as we have a good deposit.

What do you guys think?

I don't see that it would be a problem if you wanted to get a mortgage at 50. Lenders will look more closely at affordability into retirement if the term goes beyond 65. As a matter of policy though Abbey, for instance, allow lending up to age 85 and there's a general approach in the industry that you shouldn't discriminate on age alone, it's about affordability.

Link to comment
Share on other sites

Being in a roughly similar position- maybe the question ought to be- "Is there much point in getting a mortgage once you are past 50?"

I think that will keep me busy for hours on excel- and I have a nagging suspicion the answer is going to be no.

how sad to be a citizen of a country thats denied you your own family home for your entire life.

think. then they will come to tax you for your pension savings or any inheritances.

what was all the tax for you got to ask yourself.

a. others.

Link to comment
Share on other sites

The property expert on the JEREMY VINE show today although VERY bearish said that it will be very difficult for anyone over the age of 50 to get a mortage even after house prices have fallen.

My Mum got a mortgage (many years ago now) when she was about 50, obviously she only had a short while to pay it off but shows is was possible.

My problem is by the time this CRASH has played out (I would say worst of it will be over within 2 years) I will be knocking 50 (my partner is 50 now).

When he said this he scared me a bit.

Surely once things 'settle down' a bit it should be possible to buy as long as we have a good deposit.

What do you guys think?

Just keep saving that deposit.

You'll both be fine come 2012 when 60%- 70% has been wiped off the cost of an average home. :)

Link to comment
Share on other sites

I don't see that it would be a problem if you wanted to get a mortgage at 50. Lenders will look more closely at affordability into retirement if the term goes beyond 65. As a matter of policy though Abbey, for instance, allow lending up to age 85 and there's a general approach in the industry that you shouldn't discriminate on age alone, it's about affordability.

There's comprehensive UK legislation now covering age discrimination. This both acts as a barrier to prevent lenders discriminating on age, and actually removes any incentive for them to do so because the older employee is now shielded from excessive risk of redundancy.

Link to comment
Share on other sites

Join the conversation

You can post now and register later. If you have an account, sign in now to post with your account.

Guest
Reply to this topic...

×   Pasted as rich text.   Paste as plain text instead

  Only 75 emoji are allowed.

×   Your link has been automatically embedded.   Display as a link instead

×   Your previous content has been restored.   Clear editor

×   You cannot paste images directly. Upload or insert images from URL.

Loading...
 Share

  • Recently Browsing   0 members

    No registered users viewing this page.





×
×
  • Create New...

Important Information

We have placed cookies on your device to help make this website better. You can adjust your cookie settings, otherwise we'll assume you're okay to continue.