How old is too old for a first time buyer

[grapefruit]

My husband & I are hoping to be in a position next year 2015 to have sufficent deposit for Mortgage application. We are both in secure permanent jobs, I am 41 & he is 48, & this will a first time buy for both of us, will our age come against us when applying for a Mortgage?

 

[rob oyle]

On the basis of the information given, your ages will only set a maximum term for the mortgage - banks won't want someone paying off their mortgage in retirement.

 

[grapefruit]

Thanks Rob, would you have an idea roughly what the max term might be given our ages??

 

[Steven Barrett]

If you are PAYE, the maximum age is 68. If you are self employed, it is 70. PTSB will allow age 70 for PAYE too.


Steven
www.bluewaterfp.ie

 

[kmick]

BOI will only run to 65 when I applied there 12 months ago. So your term would have to be 17 years or less (65-48).