age limit for first time buyers

Xbigman

For someone under 40 state retirement is 66 or possibly even 67. If the current government brings the retirement age increases forward, which they said they would, then for under forties you are looking at retiring at 68. Lenders should use the 66 figure at least.
Regards



X

joolley

Not sure that this should present as a problem. Provided that you both have the wages to support the mortgage, particularly the younger. I'm 33 and OH is 47. We have taken out three 25 year mortgages in the last 4 years. The last was a few months ago. The qualification is always that I will continue working when OH reaches 65 and I have the bigger wage 3 times over so we're not dependent on OH working.

KateEll

It will depend upon your individual lender's criteria. With NatWest I understand that it is preferred that the mortgage is repaid by age 65 (eldest applicant) however you may lend past this provided that they are satisfied that the mortgage will remain affordable in retirement. If your partner will still be working and you will be in receipt of pension income this should be ok.