Taking out a mortgage in your 40s is increasingly common. With some first time buyers in Nottingham now hovering in their 30s and stretching higher in high-cost areas like London, we tend to find more borrowers secure new mortgages in their 40s and 50s
Some are buying their first home, while others are moving home, remortgaging or returning to the property market after a period of renting. Whatever the reason, being 40 doesn’t automatically put you at a disadvantage when applying for a mortgage.
Is 40 Too Old to Get a Mortgage in Nottingham?
No. Most lenders do not see 40 as an unusual age to apply for a mortgage.
When assessing an application, lenders are generally more interested in your income, affordability, credit history, and deposit than your age alone.
In many cases, borrowers in their 40s are in a stronger position than they were earlier in life, having had more time to establish their career, build savings, or improve their financial position.
Age can become a consideration when deciding how long a mortgage term can be, particularly if borrowing extends into retirement.
Even then, many lenders are happy to consider applications that continue beyond traditional retirement ages, provided the mortgage remains affordable.
Why Are More People Buying Homes Later in Life?
The average age of first time buyers has increased over the years, with many people taking longer to save a deposit or reach a stage where homeownership feels achievable.
For some, career progression comes first. Others may spend longer renting, start a family before buying or return to the property market following separation or divorce.
This means lenders regularly assess mortgage applications from borrowers in their 40s, 50s, and beyond. Getting a mortgage later in life is no longer considered unusual.
Will My Age Affect How Much I Can Borrow?
Age can have a significant impact on borrowing because it influences the mortgage term available.
Lenders will usually focus on age, affordability, looking at your income, regular expenditure, and existing financial commitments. Credit cards, loans, childcare costs, and other outgoings may all influence the amount available to borrow.
Income is also assessed differently depending on how you’re paid. Basic salary, overtime, bonuses, commission, and self-employed earnings may all be considered, depending on the lender.
Because affordability models vary across the market, borrowing limits can differ significantly from one lender to another.
Can I Still Get a 25 or 30-Year Mortgage at 40?
A 40-year-old taking out a 25-year mortgage would typically finish the term at age 65. A 30-year mortgage would usually run until age 70.
Some lenders could be comfortable with this, though they may want to understand how the mortgage will remain affordable if part of the term extends beyond retirement.
Longer mortgage terms can reduce monthly payments by spreading the borrowing over a greater number of years. The trade-off is that more interest is generally paid over the lifetime of the mortgage.
Some borrowers prioritise lower monthly payments, while others prefer a shorter term to become mortgage-free sooner.
What Deposit Will I Need?
Many mortgage products are available with a deposit of 5% of the property’s purchase price, though requirements can vary depending on the lender and property type.
A larger deposit can often increase the number of products available and may provide access to lower interest rates. This is because you’re borrowing a smaller percentage of the property’s value, reducing the lender’s risk.
Lenders will also want to understand where the deposit has come from. Savings, gifted deposits, and other acceptable sources of funds may all be considered, provided they can be verified.
Can I Get a Mortgage at 40 if I’m Self-Employed?
Yes. Being self-employed doesn’t prevent you from getting a mortgage.
Many self-employed borrowers apply for mortgages in their 40s after building an established business or creating a consistent income stream.
Lenders will usually assess documents such as SA302s, Tax Year Overviews, and company accounts to understand your earnings. Some may use your latest year’s figures, while others will assess an average over a longer period.
The exact approach varies between lenders, which is why outcomes can differ depending on where the application is placed.
What If I Have Bad Credit?
Past credit issues do not automatically mean you’ll be unable to get a mortgage.
Many lenders look beyond a credit score and consider the wider picture, including the type of issue, how long ago it occurred, and how your finances have been managed since.
Missed payments, defaults, County Court Judgements (CCJs), and previous bankruptcies are all assessed differently. Alongside your credit history, lenders will also consider your income, affordability, and deposit.
The number of options available will often depend on the severity and timing of any credit issues.
Is 40 Actually a Good Age to Get a Mortgage?
For many people, it can be.
By the age of 40, some borrowers have had more time to build savings, increase their income, and establish a longer employment history than they may have had in their 20s or early 30s.
While everyone’s circumstances are different, lenders are usually focused on whether the mortgage is affordable and sustainable over the long term. Age is only one part of a much bigger picture.
If you’ve been wondering whether you’ve left it too late to buy a home, the reality is that many people successfully take out mortgages in their 40s and continue borrowing well beyond that age.
Date Last Edited: June 23, 2026
