Can I get a mortgage aged 54?

By THIS IS MONEY
Updated:

 

I'm 54, earning £15,000 a year and living in rented accommodation, paying £400 a month. Now it's going up to £500. I have no savings. Can I get a mortgage? MH, Milton Keynes.

Yes, no problem, says Patrick Bunton of mortgage broker London & Country. Most lenders will typically offer you three and half times your income so you could borrow up to £52,500. As you are 54 some lenders may only lend for an 11-year term, so your mortgage would only last until you are 65, but others will lend for the more usual term of 25 years. If you choose a term that takes you past your retirement date think about whether you will be able to afford the repayments after you retire. If you can come up with some savings it will be a good idea because although some lenders will lend up to 100% of a property's purchase price, you will get a better deal the less you borrow, and there will be other expenses too.

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