2006-08-01 04:48:33 · 13 answers · asked by nina a 1 in Business & Finance ➔ Credit
Can you get a 25yr term in the uk if you are over 40?
2006-08-01 04:55:45 · update #1
You can apply for a mortgage at any age depending on the term you require, and your ability to repay the loan when you retire (if the loan goes into current retirement age). The lender may allow you to extend beyond retirement if you have a good guaranteed pension.
If the lender wants the mortgage repaid by retirement age, then you can still apply for a mortgage but over a shorter term e.g. 15-20 years.
2006-08-03 07:24:02 · answer #1 · answered by nemesis 5 · 0⤊ 0⤋
There is no upper age limit, however UK mortgage companies are permitted to discrimminate against older borrowers. Typically over-40s are given ever shorter maximum mortgage terms. Whilst an under-40 might have no problem getting a 25 year mortgage, a 55 year old might only be offered a 15 year mortgage.
US borrowers do not have this problem. My Dad got a 30 year mortgate in his 70s.
2006-08-01 05:18:02 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋
the mortgage provider will take into consideration your age and how long you want it over.
If you are 80 and want a 25 year mortgage, its probably a no-no.
but as you are 40, even 25 years would only take u up to 65, so I would think it would be ok.
At the end of the day as long as you have a life policy which covers the mortgage, you should be ok.
(dont take a life policy from the mortgage lender. shop around)
2006-08-01 04:57:30 · answer #3 · answered by lozzielaws 6 · 0⤊ 0⤋
You can apply for a mortgage at any age - it you are 40 you have 25 yrs to pay up until retirement - you can also have a 15 yr mortgage or 10 yr its up to you - its about what you can afford not how old you are. Good Luck
2006-08-01 06:57:42 · answer #4 · answered by MSMORTGAGE 3 · 0⤊ 0⤋
You can apply for a mortgage at any age as long as you have the credit - believe me i'm a broker i do it all the time - i got a woman a mortgage not long ago and she's in her 60's. They can not turn you down and not give you loan based on your age - it's against the LAW.
2006-08-01 07:55:58 · answer #5 · answered by rissybabe2210 1 · 0⤊ 0⤋
Think it depends on the term of the mortgage, 25 yr mortgage 40 yr old 20 yr mortgage 45 yr old etc dont quote me on this though.
2006-08-01 04:55:45 · answer #6 · answered by Anonymous · 0⤊ 0⤋
Yes, you are wrong. I am 60 years old, an insulin-dependent diabetic, a heavy smoker and low paid. I just got a 25 year mortgage with Nationwide. God knows if I'll live to see the thing paid off!
2006-08-02 05:30:55 · answer #7 · answered by halifaxed 5 · 0⤊ 0⤋
normally thay like you to have repaid your mortgage by the time you are 65 but you can take out a shorter mortgage say 20 years
2006-08-01 04:55:32 · answer #8 · answered by gofuk 3 · 0⤊ 0⤋
Any age, mortgage lenders cannot discriminate based on age (among other things) unless you are under the legal age (usually 18).
2006-08-01 06:23:28 · answer #9 · answered by ? 2 · 0⤊ 0⤋
Unless its someplace with a guideline I'm not familiar with, there is no age restriction on mortgage applications.
2006-08-01 04:53:37 · answer #10 · answered by Anonymous · 0⤊ 0⤋