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Over 40 and First Time Buyer, Am I too Old?
marcy990
Posts: 13 Forumite
Hello there,
I fall into one of those categories which are never accounted for in literature anywhere. I am nearly 50, a key worker and looking to buy for the first time alone. I have no debts but never bought a house or got married. When I look at the literature for first time buyers, incentives are for the under 40's. I enquired after a property in Oxfordshire which was under the Discount Mortgage Scheme. I gave my details of income, job and deposit and was told that i qualified for it. However, I never told the EA my age. At 50 do i still qualify for it to get onto the property ladder. Im going to be working forever at this rate and want a 20 year mortgage.
Advice please, is anyone else in my position? Im sorry if there is literature in this over 50 first time buyers but i cannot see it anywhere.
I fall into one of those categories which are never accounted for in literature anywhere. I am nearly 50, a key worker and looking to buy for the first time alone. I have no debts but never bought a house or got married. When I look at the literature for first time buyers, incentives are for the under 40's. I enquired after a property in Oxfordshire which was under the Discount Mortgage Scheme. I gave my details of income, job and deposit and was told that i qualified for it. However, I never told the EA my age. At 50 do i still qualify for it to get onto the property ladder. Im going to be working forever at this rate and want a 20 year mortgage.
Advice please, is anyone else in my position? Im sorry if there is literature in this over 50 first time buyers but i cannot see it anywhere.
0
Comments
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so why not look at the other schemes which do not have an age limit?
https://www.moneyadviceservice.org.uk/en/articles/help-to-buy-homebuy-and-other-housing-schemes0 -
bought last year - same age bracket as you (though on the open market)
So, yes. you can buy.Please note I have a cognitive disability - as such my wording can be a bit off, muddled, misspelt or in some cases i can miss out some words totally...0 -
Great, thanks for the link.0
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My hubby is first to buy, and frankly I kinda am (knowledge wise) as my Dad dealt pretty much with everything with my little house. Both in our mid 40's. There is a diary on the mortgage free wannabe forum from user A Frayed Knot they were 52 when they got their single income mortgage, would be worth having a read.
Good luck0 -
why would you think you're too old for it? It's not as if there is an age limit; as long as you can pay the mortgage go for it.
If you don't buy something now, where are you planning to live later on in life? You will still have to pay rent so why not pay the mortgage instead?EU expat working in London0 -
actually, in the context of the OP, there most certainly is an age limit for certain schemes, eg:always_sunny wrote: »why would you think you're too old for it? It's not as if there is an age limit; as long as you can pay the mortgage go for it.
The Starter Home scheme is a new government plan, where 200,000 new build homes are available to first-time buyers under 40 years old with at least 20% off the market price.
The discounted price for these homes should be priced no more than £250,000 outside London, and £450,000 in London.0
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