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Posted: Tue Apr 22, 2008 10:14 pm
by aliceincinders
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
Posted: Tue Apr 22, 2008 10:16 pm
by MelanieGiles
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.
Posted: Wed Apr 23, 2008 10:28 am
by Oliver
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.
Posted: Wed Apr 23, 2008 12:55 pm
by bigpete
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