Mortgage term - extend over 70 limit

yoshiktk

Hi,
Long story short. At last after many years decided to think about own house. At meeting with AIB mortgage advisor we received information that due age of my wife, she's 51 where im 34, we would could get mortgage only for 19 years.
To be honest we didnt factor that in our finance plan, ot limits our options a lot.
We plan to meet finance advisor in incoming few weeks but did anyone had luck to get mortgage for period of time going over the 70 limit?
Thanks

Purgative

Hi Yoshtk
When we first bought, a frighteningly long time ago, I was a new civil servant on the bottom of the scale, and not getting much joy from banks. We were advised to try a broker, in this case specialising in mortgages for public servants.

It worked for us.

Wish you well

yoshiktk

Purgative wrote: »

Hi Yoshtk
When we first bought, a frighteningly long time ago, I was a new civil servant on the bottom of the scale, and not getting much joy from banks. We were advised to try a broker, in this case specialising in mortgages for public servants.

It worked for us.

Wish you well

Thanks
We are at the start of journey, that hit was kinda big hit for us.
We live in Wicklow and we would love to stay here, but with the hit to mortgage term that wont be an option with current crazy home prices.

Purgative

I agree it does "knock you" when your plans are pulled up short. There is bound to be a lender out there. We found one the would take annual increments into consideration.


Just got these off of google. I'm not sure if they help or not. What would help is a relative or a friend in the industry, they could point you in the right direction.


https://www.comparethemarket.com/mortgages/content/mortgages-for-over-50s/


https://www.mortgagebrokers.ie/tag/over-70s-loan/


https://whichmortgage.ie/?utm_medium=ppc&utm_term=%2Bmortgage%20%2Bireland&utm_campaign=&utm_source=adwords&hsa_mt=b&hsa_cam=11296684019&hsa_grp=110837532157&hsa_net=adwords&hsa_ver=3&hsa_tgt=kwd-311847583400&hsa_acc=5441133811&hsa_ad=471243700029&hsa_kw=%2Bmortgage%20%2Bireland&hsa_src=g&gclid=Cj0KCQiA3Y-ABhCnARIsAKYDH7vl6dYXJStS3HhBwzuX2wqXTeEFh0ubFV9Hqwqs2AzTIJBe1fySs6EaAk6cEALw_wcB

phormium

The term used to go by the age of the main earner, is she the main earner? Maybe that has changed too though!

yoshiktk

phormium wrote: »

The term used to go by the age of the main earner, is she the main earner? Maybe that has changed too though!

Interesting to hear that, but it looks it was changed, at least at the meeting with Aib it wasnt mentioned.
Im the main earner. Will have to look it up.

Btw is it possible to add third person to house ownership?

phormium

Try UB, they definitely used to base it on main earner age.

You can add 3rd person to house ownership but they will have to be on the mortgage too, now whether it is a good idea or not is a different question!

yoshiktk

phormium wrote: »

Try UB, they definitely used to base it on main earner age.

You can add 3rd person to house ownership but they will have to be on the mortgage too, now whether it is a good idea or not is a different question!

Great thx. Will have to check UB.
The situation with third person is kinda to avoid paying tax. Part of deposit money comes from house sold by my mom, she would need to pay 19% tax in Poland, only way not to pay it is to use the money for buying new property hence question about adding additional person.

Buddy Bubs

Limit was 65 when I took out my mortgage in 2010, 70 is pushing it really I can't see them wanting people over 70 on a mortgage. In a previous job I worked in financial products but I can't remember a mortgage catering for people into their 70s.

I had to set up a limited company recently for my boss to buy a new property for the business through as they wouldn't lend to him personally as he is early 60s now.

yoshiktk

Buddy Bubs wrote: »

Limit was 65 when I took out my mortgage in 2010, 70 is pushing it really I can't see them wanting people over 70 on a mortgage. In a previous job I worked in financial products but I can't remember a mortgage catering for people into their 70s.

I had to set up a limited company recently for my boss to buy a new property for the business through as they wouldn't lend to him personally as he is early 60s now.

Not going into details, we couldnt allow ourself to get mortgage earlier.
Now the maximum term ending at 70 years hit us in such a manor that now or we move another 1h of driving in Wicklow or go for smaller house in rubbish state.

Did write to one of finance advisors, will see what can we expect.

Trish56

68 is the standard age that the majority of lenders will lend to. I think permanent tsb might go to age 70. The main issue here is how will you be able to pay a mortgage after you retire with current age of retirement at 67. If depending on old age pension only you will even find it hard to survive.

Do you qualify for the mortgage on your income only ? If so they may consider going on your age. You could ask them to consider a split package whereby you borrow the max you qualify for on your income over 30 years and the balance over 19 years where your wife's income is required. It's only an idea and perhaps something to propose, I've no idea if it will work or not but no harm trying. I think you should also try a mortgage broker there are many around the country that do not charge fees and have agencies with all the lenders. Another option is the Local Council who are also giving out mortgages.

Best of luck.