We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

age limit for first time buyers

Options
Hi,

my husband and I would like to buy a property in 2011 or so.
I'll be 40 in december this year and my husband is 31.
I would like to know if there are any age restrictions to apply for a mortgage as first time buyers.
Could we apply for a 25 years mortgage if I'll be retiring at the age of 65 considering that my husband will still be working by then?
I would appriciate your advise and ideas!
thanks,

La scossa
«1

Comments

  • SimbaSimon
    SimbaSimon Posts: 810 Forumite
    Part of the Furniture Combo Breaker
    scossa wrote: »
    Hi,

    my husband and I would like to buy a property in 2011 or so.
    I'll be 40 in december this year and my husband is 31.
    I would like to know if there are any age restrictions to apply for a mortgage as first time buyers.
    Could we apply for a 25 years mortgage if I'll be retiring at the age of 65 considering that my husband will still be working by then?
    I would appriciate your advise and ideas!
    thanks,

    La scossa

    I'd imagine you can apply for a 25 year mortgage but no more unless you have plans of how to fund it past retirement. I'm not aware of any age restrictions as such but things get tricky if you go past if the mortgage length goes past your 65th birthday (which a 25 year one shouldn't).
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    We did it a few years back(not as FTB) the are clauses for a review when the first of us reaches 65, this was backed with pension predictions at the time we took the loan.


    FTB does not realy mean any thing except for the current stamp duty exemptions, it is used as a marketing term by the lenders.
  • scossa
    scossa Posts: 5 Forumite
    We did it a few years back(not as FTB) the are clauses for a review when the first of us reaches 65, this was backed with pension predictions at the time we took the loan.


    FTB does not realy mean any thing except for the current stamp duty exemptions, it is used as a marketing term by the lenders.

    Thanks,
    excuse my ignorance but what's a FTB??
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    First Time Buyer
  • scossa
    scossa Posts: 5 Forumite
    We did it a few years back(not as FTB) the are clauses for a review when the first of us reaches 65, this was backed with pension predictions at the time we took the loan.


    FTB does not realy mean any thing except for the current stamp duty exemptions, it is used as a marketing term by the lenders.


    Morning,

    May I ask you which lender did you get the mortgage with?
    Thanks

    Scossa
  • getmore4less
    getmore4less Posts: 46,882 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Derbyshire and Barclays
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    The starting age is not a problem.

    The problem is the mortgage term you are looking to select, and whether or not that will indeed take you over current state retirement ages.

    Plenty lenders will allow the mortgage to go past age 65, however they will need to be happy that the mortgage will still be affordable at that point in time.

    So most will ask for proof of retirement income, via verification of private or company pension schemes.

    PS - Did you just make up your username or did you watch it?
    I am a Mortgage Adviser
    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.
  • ET1976
    ET1976 Posts: 315 Forumite
    We took out a 25 year mortgage in 2006 (so maybe they weren't as strict then, and we weren't FTBs) when one of us was 45. We didn't have to provide any proof of retirement income at all because the other was still under 65 at the end of the term.

    That was with Alliance and Leicester.

    We are able to overpay considerably though as we borrowed well within our limits and we expect to be paid off in 17 years total, plus we have other capital available to pay off some (or all) of the mortgage if necessary.
  • herbiesjp
    herbiesjp Posts: 8,499 Forumite
    ET1976 wrote: »
    We took out a 25 year mortgage in 2006 (so maybe they weren't as strict then, and we weren't FTBs) when one of us was 45. We didn't have to provide any proof of retirement income at all because the other was still under 65 at the end of the term.


    Criteria has definitely got stricter since the economic downturn - proof of income post retirement being one of those issues.

    Previously it would have been a requirement, but proof would not normally have been asked for.
    I am a Mortgage Adviser
    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.
  • scossa
    scossa Posts: 5 Forumite
    herbiesjp wrote: »
    The starting age is not a problem.

    The problem is the mortgage term you are looking to select, and whether or not that will indeed take you over current state retirement ages.

    Plenty lenders will allow the mortgage to go past age 65, however they will need to be happy that the mortgage will still be affordable at that point in time.

    So most will ask for proof of retirement income, via verification of private or company pension schemes.

    PS - Did you just make up your username or did you watch it?
    No, I'm Italian so i picked it for the meaning :D
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.9K Banking & Borrowing
  • 253.1K Reduce Debt & Boost Income
  • 453.5K Spending & Discounts
  • 243.9K Work, Benefits & Business
  • 598.8K Mortgages, Homes & Bills
  • 176.9K Life & Family
  • 257.2K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.