First time buyers ~ only allowed 16 years ~ Any advice would be great

dooney

Hi everyone, i'm hoping for some advice or ideas please.

My husband and I are wanting to buy our first home. The problem I have is my husband is 48 years old and I have been told we can have a mortgage for 16 years only. We have a house (new build) in mind what we would like to buy, to which we have 20% deposit. I have been making assuptions that we could have a mortgage over 20 years however we have now a shortfall

We currently rent our home we live in, and would really like our own home.

Any advice would be appreciated.
Thanks in advance, dooney.

somethingcorporate

Go and see a broker, they may be able to find a mortgage provider that can get you a longer mortgage, assuming you have the ability to fund the mortgage post-retirement age.

Dave_Ham

Some lenders will let you go over 21 years, depending upon the lender and some additional employment details..

I hope this helps and gives you some faith you will get what you need.


All the best.

The_J

If your intention is to work to the age of 70 then a 21 year term is certainly possible.

RenovationMan

My mortgage term was shortened by a couple of years due to my age and I was told that I could extend it into 'retirement' (i.e. beyond 65) if I provided pension details to show what sort of an income I would have beyond 65.

I didn't bother in the end and I'm planning on getting rid of the mortgage well before I hit 65. However, I thought it was odd that they were using a retirement age of 65 when I am actually not allowed to receive state pension until 67. As this age gets later, now mooted to be 70, I wonder how much longer mortgage companies could continue to use 65 as an end date? Indeed, given that there is no longer a retirement age as such (due to the new anti-ageist legislation), one wonders how they can specify an end date at all based on people's ages.

dooney

Thanks so much for your comments. I'll look into a 21 year mortgage.
In the long term future we hope to decrease the term of the mortgage, but for now a 21 Years mortgage sounds great!
Dooney.