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    • amjane
    • By amjane 5th Oct 17, 5:03 PM
    • 8Posts
    • 3Thanks
    amjane
    Too old?
    • #1
    • 5th Oct 17, 5:03 PM
    Too old? 5th Oct 17 at 5:03 PM
    I'm 47 and by the time I have a deposit together I will probably 48-49. Am I still going to be able to get a mortgage and would I be eligible as a first time buyer as I have never bought a property before?
Page 1
    • kingstreet
    • By kingstreet 5th Oct 17, 5:06 PM
    • 32,360 Posts
    • 17,371 Thanks
    kingstreet
    • #2
    • 5th Oct 17, 5:06 PM
    • #2
    • 5th Oct 17, 5:06 PM
    Yes and yes.

    Affordability is a function of income, the amount you want to borrow and the time over which it is to be repaid. As you are older, the term available may be shorter, depending on the lender chosen.

    This may affect what you need to borrow and what is actually considered affordable by lenders.
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.
    • sammyjammy
    • By sammyjammy 5th Oct 17, 7:45 PM
    • 4,236 Posts
    • 4,585 Thanks
    sammyjammy
    • #3
    • 5th Oct 17, 7:45 PM
    • #3
    • 5th Oct 17, 7:45 PM
    My sister and her friend just bought a house aged 47 and 50, first time buyers, as long as your income etc stacks up your age is no barrier.
    "You've been reading SOS when it's just your clock reading 5:05 "
    • goodwithsaving
    • By goodwithsaving 5th Oct 17, 8:22 PM
    • 704 Posts
    • 1,044 Thanks
    goodwithsaving
    • #4
    • 5th Oct 17, 8:22 PM
    • #4
    • 5th Oct 17, 8:22 PM
    You aren't too old. Your term will be reduced but if you have a reasonable deposit and evidence of pension etc, you can get a loan. It just might be a smaller one because of repayments etc. My anticipated retirement age is 70 (I'm aiming to have paid my mortgage off well before then...). Even if yours was 67, you'd still get a 19/20 year term
    My friend is 50 and has just had her first mortgage.
    Good for you as well, I hope you get to buy your first house.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
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