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  • FIRST POST
    • worriedDan
    • By worriedDan 2nd Oct 17, 9:06 PM
    • 185Posts
    • 544Thanks
    worriedDan
    too old?
    • #1
    • 2nd Oct 17, 9:06 PM
    too old? 2nd Oct 17 at 9:06 PM
    Hi,

    My wife and I will become unsecured debt free in around 2 and a half years. At this point I will be 39 years old and my wife 40.

    We would like to move house at this point, however we are conscious that getting a mortgage may not be too straightforward due to our ages.

    We will have a deposit of around 115k. It's difficult to say how much the houses will be in 2 and a half years time, however I imagine we will look at properties in the 300K region, so mortgage of 180kish. We both expect to be working well into our sixties.

    We will be totally debt free by this point ( we won't move until we are!) and our credit file should be ok as we pay on time etc. Our current joint income is around 75K and we are not expecting this to decrease.

    Will our ages be an issue?
Page 1
    • -taff
    • By -taff 2nd Oct 17, 9:07 PM
    • 7,452 Posts
    • 4,901 Thanks
    -taff
    • #2
    • 2nd Oct 17, 9:07 PM
    • #2
    • 2nd Oct 17, 9:07 PM
    No.



    .........
    • sevenhills
    • By sevenhills 2nd Oct 17, 9:12 PM
    • 600 Posts
    • 222 Thanks
    sevenhills
    • #3
    • 2nd Oct 17, 9:12 PM
    • #3
    • 2nd Oct 17, 9:12 PM
    Its about affordability. I got a mortgage last month(10 year mortgage), I am 56

    • glosoli
    • By glosoli 2nd Oct 17, 9:15 PM
    • 667 Posts
    • 385 Thanks
    glosoli
    • #4
    • 2nd Oct 17, 9:15 PM
    • #4
    • 2nd Oct 17, 9:15 PM
    Your only 39/40 - not 90!
    • Thrugelmir
    • By Thrugelmir 2nd Oct 17, 9:29 PM
    • 55,569 Posts
    • 48,942 Thanks
    Thrugelmir
    • #5
    • 2nd Oct 17, 9:29 PM
    • #5
    • 2nd Oct 17, 9:29 PM
    You've a good household income. Put your minds to the task at hand and you'll have no issues. Personally I target being mortgage free by ones 60's. That'll give you a margin of comfort should life take an unexpected turn.
    "Wide diversification is only required when investors do not understand what they are doing." - Warren Buffett
    • Filo25
    • By Filo25 2nd Oct 17, 9:59 PM
    • 1,049 Posts
    • 1,628 Thanks
    Filo25
    • #6
    • 2nd Oct 17, 9:59 PM
    • #6
    • 2nd Oct 17, 9:59 PM
    I purchased last year as a first time buyer at the grand old age of 43 and hadn't even cleared my debt at the time of purchase, had no bother getting 2 mortgage offers (first one fell through and was for even more than we subsequently purchased for), so I wouldn't be too concerned!
    Last edited by Filo25; 02-10-2017 at 10:03 PM.
    • Lauralou79
    • By Lauralou79 3rd Oct 17, 8:21 AM
    • 109 Posts
    • 81 Thanks
    Lauralou79
    • #7
    • 3rd Oct 17, 8:21 AM
    • #7
    • 3rd Oct 17, 8:21 AM
    I was a first time buyer at 38 this year. We got a mortgage no problems for 25 years (Tho intend this to be paid before I'm 60) our state retirement age is 68 so it shouldn't be an issue!
    • Akahotpot
    • By Akahotpot 3rd Oct 17, 12:39 PM
    • 50 Posts
    • 19 Thanks
    Akahotpot
    • #8
    • 3rd Oct 17, 12:39 PM
    • #8
    • 3rd Oct 17, 12:39 PM
    I just got a 5 year fixed 90% mortgage over 24.5 years ....I,m 50
    Dont intend to take that long to pay it off so will be overpaying
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