would it be difficult to get another mortgage

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aliceincinders

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Post by aliceincinders » Tue Apr 22, 2008 10:14 pm
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I have a small amount of equity in a shared ownership property my debts are just under this amount if I sell I can clear them but would it be difficult to get another mortgage at age 54 with only about a 10% deposit or would it be wiser to continue to pay debtors each month and keep the property
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MelanieGiles

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Post by MelanieGiles » Tue Apr 22, 2008 10:16 pm
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Hi there alice and welcome to the forum

You have to decide what is your priority - home ownership or debt repayment. Your age may be a barrier to getting another mortgage, but a lot of people do live relatively well in rented accomodation, and with shared ownership you may never own your house in its entirity in any case.
Regards, Melanie Giles, Insolvency Practitioner
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Oliver

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Post by Oliver » Wed Apr 23, 2008 10:28 am
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Your age may represent a slight barrier in taking out a future mortgage but you will likely be able to overcome this if you can show that you can repay the mortgage before retirement.
Best Regards
Oliver
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bigpete

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Post by bigpete » Wed Apr 23, 2008 12:55 pm
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If you can show you can repay this Mortgage AFTER retirement (Occupational Pension etc) you can go on for a lot longer, some lenders do it till 80 and beyond
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