when is too old for first time mortgage?

lidlfan

I'm 44 and live in council accomodation. I have enough for a deposit for a place of my own, and am considering the first time buyer's ISA. However, as I'm single and have no kids, is there any point getting a mortgage? And at what age do you run out of time?

pjcox2005

If the council accomodation is secure and a low rent then there may not be a huge saving as you'll be paying interest, but I expect long term you'd be better off.


If you are considering the help to buy isa and have done anything yet, then it needs to be opened by 30 November I believe. Check any penalties for withdrawing but I'd probably get to a bank/building society quick to get one open to keep options.


The other option, LISA, isn't open to you if you've not done anything as you need to be under 40.


Hope that helps

Thrugelmir

lidlfan wrote: »

And at what age do you run out of time?

When the financial ability to repay the debt expires.

Mortgage_Adviser

I would say when there are 5 years or less until your retirement

Whiterose23

I bought my current property at age 49 with a 20 year mortgage. Some lenders will lend up to 75/80.

waddy256

Sorry to Hijack but I have a similar question , I have a really poor credit rating but have a 25% depost of £40,000 thanks to an inheritence. Im looking at a share to buy but is there any point ? would I get a mortgage with my terrible credit history ?

Im 46 and on minimum wage btw .

Neutrinno

waddy256 wrote: »

Sorry to Hijack but I have a similar question , I have a really poor credit rating but have a 25% depost of £40,000 thanks to an inheritence. Im looking at a share to buy but is there any point ? would I get a mortgage with my terrible credit history ?

Im 46 and on minimum wage btw .

It's impossible for us to say without knowing the full details of your credit history. Discuss it with a broker.

Dird

Can you not buy the council house? It sounds like you were planning on buying somewhere else