I am in my 50s and I would like to buy a house. I’m looking at properties in the region of £200,000 to £250,000 and I have a deposit of £50,000. Are there any lenders out there willing to provide a mortgage?
Using your salary or self-employed income to assess affordability, most lenders will give you a mortgage as long as it is repaid by the time you are 70. There are a few lenders which accept borrowers up to the age of 85 at the end of the mortgage term.
In addition to your earned income, they will also look at your pension to assess your ability to service the debt. As you are in your 50s you could get a mortgage for 20-25 years. For example, a £200k mortgage for 25 years at a rate of say, 2% will cost £848 per month.