Is it common getting into mortgages until 70?

Sorry for the basic type of question, I am first time buyer live in the UK for a couple of years.

I am 40 and was offered a mortgage term until I am 70. I know some colleagues that are in mortgages until their 70s. Is this usual here in the UK or Europe?

Do people usually really pay until that age or as they go up in the property ladder they reduce that term somehow?

Replies

  • It's becoming more and more common as people are taking out longer mortgages and/or getting their mortgages later in life.
  • edinburgheredinburgher Forumite
    13K Posts
    Part of the Furniture 10,000 Posts Name Dropper
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    I've never known anyone who was paying a mortgage until that stage in their life (in my experience, inheritances and windfalls from other sources have tended to get rid of mortgages well before then).

    That said, the previous poster has a valid point. The individuals I know of bought their houses decades ago. They were cheaper in relative terms, negligible mortgage rates helped them for a few years and their parents died younger.

    If you have good pension provision or other income streams, I'm sure it would be manageable.
  • jimmybridjimmybrid Forumite
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    People live longer now. There's every chance that in 30 years time the (suggested - thanks to the Equality Act) retirement age will be 70 anyway.
    Mortgage 1 Oct 11 - £118k @ 1.29%(BR+0.79) July 14 £118k
    Mortgage 2 Oct 11 - £17k @ 3.19%(BR+2.69) July 14 £3k (£0 after offsetting)
    Mortgage total Oct 11 - £135k July 14 £121k (£118k)
    Reg Savers (6%) - July 14 £5.1k
    ISAs - £0.6k
    Santander 123 Acc (3%) - £5k
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