Would I get a mortgage

kazo

Hi
Just wondered if anyone knows if there's an upper age limit to get a mortgage for the 1st time. I'm 45 just now - never managed to get out of rented accommodation but now might have the chance as have been left a bit of money which would mean I could probably put down at least 40% of the price of the houses I might be looking at. Would I only get a mortage for 20 years or do they not take retirement age into account? Or is the retirement age 70 now?

Joe_Bloggs

I don't think there is an upper age and twenty years should be long enough to pay back a mortgage. Your credit reports are the major feature that will decide if a lender will lend to you. You can see MSE Martin's overview here.
J_B.

dimbo61

Please consider this carefully if you do get a mortgage that you only take a mortgage over 20 years max!
Do you want to be paying a mortgage out of your pension ?
Dont take on too much debt and join the Mortgage Free gang next door !
Good Luck

Peelerfart

dimbo61 wrote: »

Please consider this carefully if you do get a mortgage that you only take a mortgage over 20 years max!
Do you want to be paying a mortgage out of your pension ?
Dont take on too much debt and join the Mortgage Free gang next door !
Good Luck

Thanks neighbour !

herbiesjp

Up to state retirement age you will have no problems

Post state retirement age, you will have no problems, as long as you are able to verify your income post retirement i.e. pension projections etc.

If you cannot verify this income then some lenders will not go beyond age 65

Thrugelmir

Borrow what you can comfortably afford with the aim of repaying the debt as quickly as possible.

Employment for many gets more difficult in later years of work.