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35+ year mortgages

chriz1
chriz1 Posts: 335 Forumite
Part of the Furniture 100 Posts Name Dropper Combo Breaker
in Mortgages & endowments
Is there a cutoff age thanks banks use to determine whether they will allow you to have a 35+ year mortgage?

Comments

  • mleach101
    mleach101 Posts: 85 Forumite
    Usually they don't want your mortgage period extending beyond your retirement age which these days varies depending on your current age, if you're 30 or over, 35 will be difficult to get. I'm 35 and have just got a 30 year term offered.
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    Every lender is different.
    Typically mortgages need to be done by your 70th birthday, but there are exceptions.
    I am a Mortgage Adviser
    You 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.
  • chriz1
    chriz1 Posts: 335 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    I'm 33 now, and my current mortgage is 35 years taken out 2 years ago, it makes a difference to us between having a 30 or 35 year term regarding monthly Repayments
  • ACG
    ACG Posts: 24,690 Forumite
    Part of the Furniture 10,000 Posts Name Dropper I've helped Parliament
    You can do the Mortgage in 1 year incriments, it does not have to be 20, 25, 30, 35 etc.
    I am a Mortgage Adviser
    You 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.
  • chriz1
    chriz1 Posts: 335 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    Yes good point,
This discussion has been closed.
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