age limit for first time buyers

scossa

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

SimbaSimon

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

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

getmore4less wrote: »

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

First Time Buyer

scossa

getmore4less wrote: »

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

Derbyshire and Barclays

herbiesjp

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?

ET1976

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

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.

scossa

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