Over 40's restricted on mortgages

handlemaster

According to the rag the indo over 40's are been restricted on mort gages. How true is this ?

Arbiter of Good Taste

Presumably max 25 year mortgages as they no longer go past 65.

It's an article from the UK. Everything referenced in it is British.

Practically I imagine that it is already implicitly applied here.

Hotzenplotz

My husband and I have been approved for 27 years with kbc, husband is 41 and that is with 20% deposit

Straylight

I was 37 when I took out my mortgage 10 years ago and the maximum duration they'd give me at the time was 28 years, which brings me up to 65, so this is nothing new.

quadrifoglio verde

handlemaster wrote: »

According to the rag the indo over 40's are been restricted on mort gages. How true is this ?

Right move, do you not remember the two in killiney and people moaning about why a person his age had a mortgage.

kandoola

Probably have to take 68 as retirement age now.

gaius c

Just last gasp scaremongering before the market tanks again. They must be really desperate to be pulling in selective quotes from British sources and applying them to here.

Supercell

I got mine aged 40 and 11 months in 2011 We were offered a 30 year mortgage by BOI but took a 25 year one as i don't want to be paying a mortgage from my pension, although I hope to have it cleared well in advance of retirement. Our is a single income house too so my wifes age didn't come into it i suppose.

handlemaster

gaius c wrote: »

Just last gasp scaremongering before the market tanks again. They must be really desperate to be pulling in selective quotes from British sources and applying them to here.

Theres a bit of that but the market is a long way off colapasing its nothing like 07. Just look at waiting lists for houses. Will take a number of years for new supply.

moxin

Some banks do offer up to the age of 70.

handlemaster

Imagine paying mortgage when your 70yrs old.. why would anyone choose to do that

Ipro

handlemaster wrote: »

Imagine paying mortgage when your 70yrs old.. why would anyone choose to do that

If the bank were willing to take the risk id jump at the oppertinity :P

handlemaster

Why lipro

Mrs OBumble

handlemaster wrote: »

Imagine paying mortgage when your 70yrs old.. why would anyone choose to do that

Why not? No different to having one at 40 IMHO.

Personally I think long mortgage terms are silly. But thats a different discussion.

The Spider

handlemaster wrote: »

Imagine paying mortgage when your 70yrs old.. why would anyone choose to do that

Well imagine paying rent when you're 70? Which will be huge compared to a mortgage payment

kandoola

The Spider wrote: »

Well imagine paying rent when you're 70? Which will be huge compared to a mortgage payment

Funny you should say that.
My parents are just about 70 and in the last 2 years of their mortgage on their house in Deansgrange.
Its €245 per month.
I pay this for them. I certainly am glad I am not paying the rent that the same house would cost instead. It would probably be about €3000PM nowadays.

The Spider

kandoola wrote: »

Funny you should say that.
My parents are just about 70 and in the last 2 years of their mortgage on their house in Deansgrange.
Its €245 per month.
I pay this for them. I certainly am glad I am not paying the rent that the same house would cost instead. It would probably be about €3000PM nowadays.

Yep inflation will increase rental payments but reduce mortgage repayments!

smcgiff

The other reason is to keep monthly payments down and affordable in the short term, but with the intention of clearing the mortgage well before retirement.

gaius c

handlemaster wrote: »

Theres a bit of that but the market is a long way off colapasing its nothing like 07. Just look at waiting lists for houses. Will take a number of years for new supply.

Or we can do something about the supply we already have and stop stockpiling empties and manipulating the market with demand-side incentives...

MouseTail

gaius c wrote: »

Or we can do something about the supply we already have and stop stockpiling empties and manipulating the market with demand-side incentives...

Is the massive social housing programme announced this week not a supply side initiative? It should (in time) take 1000s from the lower end of the rental sector. The price to pay, as with any supply initiative, will be pressure on construction labour costs.

gaius c

MouseTail wrote: »

Is the massive social housing programme announced this week not a supply side initiative? It should (in time) take 1000s from the lower end of the rental sector. The price to pay, as with any supply initiative, will be pressure on construction labour costs.

Yep. Total shortage of builders in this country alright.