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Mortgage Age Limits (What’s The Minimum & Maximum Age For Mortgages)

Mortgage age limits - What's the minimum & Maximum age for mortgages large

I wish I could say that I’m too young for a mortgage, as I’d love to live my life again, but that’s not possible.

So how old do you need to be to get a mortgage? You need to be at least 18 years old to get a residential mortgage. But for many lenders it’s 21 for a buy to let mortgage. It becomes more difficult but not impossible to get a residential mortgage at the age of 65 and over, but this isn’t normally a problem for getting a buy to let mortgage.

Can you get a mortgage at the age of 18?

You are able to get a residential mortgage at the age of 18, as this is the minimum age for getting a mortgage in the UK.

But at 18 all the usual rules still apply to the mortgage application. This includes proof of income to support the mortgage and a good credit report.

Of course the other problem that younger home buyers have is finding the deposit. But for first time buyers there is the Government Help To Buy Scheme. This scheme helps with the deposit on their first home.

Can an 18 year old get a buy to let mortgage?

You can get a buy to let mortgage at the age of 18. But your choice of lenders will be more limited.

Most lenders have an age restriction of 21 for buy to let mortgages. Some even restrict buy to let mortgages to 25 and over.

However, be aware that most mortgage lenders won’t give you a buy to let mortgage until you have your own residential mortgage first. This is because most lenders consider the risk too high that they will use the property for themselves.

What is the oldest age you can get a mortgage?

It becomes much harder to get a mortgage once you reach the age of 65.

But also, most mortgage lenders look for borrowers to have repaid their mortgages between the age of 70 to 85. Which means it starts to get more difficult to get longer term mortgages from the age of 60 upwards.

What this tells you is that you are better to get the longest term mortgage you can before you reach the age of 60. Otherwise, the length of mortgage you can get after this will reduce.

Once you get past the age of 60, you’ll need to demonstrate you’ll have sufficient pension and/or investment income to continue to repay the mortgage once you reach retirement age.

Can I get a mortgage at 47 years old?

You should be able to get a mortgage at the age of 47. But only if you have enough income to afford the mortgage repayments. Also, your credit must be good and you can’t have excessive debt if you want to get the best rates.

But it’s worth noting that at the age of 47 if you get a 25 year mortgage you’d be 72 when you finish paying it off or a 30 year mortgage you’d be 77.

You should therefore think carefully about what age you want to be when your mortgage is fully paid off. But do this before you take out the mortgage.

Can you get a mortgage on a pension?

Yes you can get a mortgage when you’re on a pension. Just so long as your pension income is sufficient to afford the mortgage payments of the mortgage applied for.

But lenders have different lending criteria for pensioners. Your choice may be more limited, as many lenders set a maximum age limit for when a mortgage must be repaid.

How does a retired person qualify for a mortgage?

Retired persons qualify for mortgages in the same way as borrowers who work. This is done by demonstrating they have good credit, no excessive debt, and sufficient pension and/or investment income to repay the mortgage.

This is because under the Equal Credit Opportunity Act, lenders cannot discriminate against borrowers based on age.

Can a 65 year old get a 30 year mortgage?

You can still get a 30 year mortgage at age 65 and over because lenders cannot discriminate on age.

Under the Equal Credit Opportunity Act mortgage lenders are not allowed to make decisions based on age alone. But they can look at whether your income is sufficient to cover the mortgage payments.

But just because you can get a 30 year mortgage does not mean it’s the right thing to do. You need to consider the following factors at this age:

  • Will your income be sufficient to cover the mortgage payments and still be able to live too?
  • Think about if you are married and if one or other of you died during the 30 year term. Would either surviving spouse still be able to afford the mortgage repayments? But if the surviving partner plans to sell the house upon the other’s death, this won’t pose a problem as the mortgage would get repaid.
  • Think about other options of a shorter mortgage term so that you are mortgage free for your retirement.

Can a 70 year old person get a 30 year mortgage?

For those 70 years olds who have sufficient income to qualify for a 30 year mortgage, lenders cannot discriminate on their age. This means they cannot refuse this type of mortgage based upon age alone.

This is covered by the Equal Credit Opportunity Act. This includes that mortgage lenders are not allowed to make decisions based on age.

Be careful what you sign up for and think about the future. But the longer the term of the mortgage, the lower the mortgage payments will be.

Can a 16 year old buy a house in the UK?

A 16 year old cannot buy a house in their own name. This is because the legal age limit in the UK is 18 to own land and property.

The only way for a 16 year old to own property is through a trust. This is something that can be set up by the parents of the child for the beneficial ownership of their under-aged children.

I hope this article has helped about mortgage age limits and what’s the minimum vs maximum age for mortgages

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Mortgage Age Limits (What’s The Minimum & Maximum Age For Mortgages)

Article written by Russell Bowyer who has been investing in property since purchasing his first commercial property in the 1990's for his own Chartered Accountancy business. But his first property investment project was to turn an old dilapidated restaurant into a large 5-bed home, which he purchased for £117,500 and sold for £450,000 (to see an "after" photo of the house before it was sold see here: About). Russell owns a number of investment properties, which includes houses, flats and HMO's. More recently he has turned his creative side to investing in property using lease options. His largest lease option deal to date was to acquire 12 properties worth over £2 million for just £12, which means he paid just £1 to acquire each property!

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