We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Too old?
Options
amjane
Posts: 8 Forumite
I'm 47 and by the time I have a deposit together I will probably 48-49. Am I still going to be able to get a mortgage and would I be eligible as a first time buyer as I have never bought a property before?
0
Comments
-
Yes and yes.
Affordability is a function of income, the amount you want to borrow and the time over which it is to be repaid. As you are older, the term available may be shorter, depending on the lender chosen.
This may affect what you need to borrow and what is actually considered affordable by lenders.I am a mortgage broker. 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. Please do not send PMs asking for one-to-one-advice, or representation.0 -
My sister and her friend just bought a house aged 47 and 50, first time buyers, as long as your income etc stacks up your age is no barrier."You've been reading SOS when it's just your clock reading 5:05 "0
-
You aren't too old. Your term will be reduced but if you have a reasonable deposit and evidence of pension etc, you can get a loan. It just might be a smaller one because of repayments etc. My anticipated retirement age is 70 (I'm aiming to have paid my mortgage off well before then...). Even if yours was 67, you'd still get a 19/20 year term
My friend is 50 and has just had her first mortgage.
Good for you as well, I hope you get to buy your first house.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 350.8K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.5K Mortgages, Homes & Bills
- 176.8K Life & Family
- 257K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards