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First Time Buyer
col1967
Posts: 20 Forumite
I'm (hopefully) about to take that first step on the property ladder, thanks to a local scheme to help first time buyers by paying 25% of the valuation of the house. Four years ago, I went to my bank and got a mortgage promise, which at the time was worse than useless, but I remember them saying that I could only have the mortgage over 23 years - I was 37 at the time. Yet I now hear about older people still paying off their mortgage, past the age of 60 and I'm confused. When I go looking for a mortgage this time can I ask for it to be repaid off over 25 years or will I now only be allowed to repay it over 19 years?
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Comments
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I would imagine that is long as you had insurance to cover the payments if anything happened to you, then it would be fine. Not sure though.0
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