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What is the longest years banks offer mortgages for ?
Jane_gs
Posts: 221 Forumite
What are the longest years that the banks offer a mortgage for?
minimum to maximum years ?
minimum to maximum years ?
0
Comments
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40, usually. But this may be constrained by retirement age.0
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I've seen mortgages as short as 5 years, and as long as 35 years. The last time we remortgaged a property was around 18 months ago (as we're currently disposing a large part of our UK assets), so this may have changed.
CK💙💛 💔0 -
Opinions4u is right. Ive never seen anything beyond 40 but the retirement age (or income post retirement) may limit what is available.
If you were 30 but retiring at say 67, its still possible to get a mortgage until your 70th birthday subject to you having a decent enough pension... the lender would expect to see some sort of pension provision already started.I am a Mortgage AdviserYou 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.0 -
Why do you ask Jane?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Yep ....
Max standard mortgage borrowing term is the lower of 40 yrs (with of course supporting income over the period inc retirment income), and/or the max mortgage redemption age of the lender (of which many top out at 75 yrs).
The only mge which has an unrestricted term is a lifetime equity release mortgage (albeit its entry age is restricted).
Hope this helps
Holly0 -
Everyone is answering the face value question.
What is the issue behind the question?
I assume Jane is not just curious.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, 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.0 -
Wild guess ... affordability0
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