How old is too old for a mortgage?

mickeymoney

?

antoinolachtnai

Depends on the type of mortgage.

For a homeloan, it is more critical than for a buy-to-let.

Obviously it depends on the mortgage length as well.

There is no absolute limit. (Some institutions have fixed limits, and it is a complicated matter whether these are are legal.)

Supercell

I would imagine income and repayment period rather than age are more important. Obviously the older you are the less time you realistically have to pay back the mortgage so on an equal salary in the same job a 25 year old will get a bigger mortgage than say a 35 year old.
We are bonkers though in Ireland it has to be said, we borrow far far too much.
My Chinese g/f just bought a 2 bed apartment in Tianjin (30 mins from downtown Beijing by train) for €30,000 over 15 years...

pearcider

In fairness, whats the average wage in China? :rolleyes:

bladebrew

i think they will only give you a mortgage up to the age of 65 eg. if you are 50 you can only get a 15 year mortgage,it would be tricky paying off a mortgage on a pension:)
unless your a minister or something:rolleyes:

Supercell

pearcider wrote: »

In fairness, whats the average wage in China? :rolleyes:

Well whatever it is, how many 15 year FTB mortgages do you think there are here? Especially to people on a fairly average salary?

astrofool

Supercell wrote: »

Well whatever it is, how many 15 year FTB mortgages do you think there are here? Especially to people on a fairly average salary?

Does she live in China, or is she paying it off out of a european wage?

€30,000 is roughly RMB300,000 (chinese). Local goods in china are priced roughly the same as here given a 10:1 exchange rate. There is also a much lower quality of life, all things being equal.

Would you pay €300,000 for a 2 bed in downtown Dublin?

Senna

Didn't i read Beijing salary's increased by 20% during 2008?? Bubble anyone??


In reply to the OP, most banks will give a mortgage till the main earner is 65yr old, so whatever years you have until your 65th birthday.
But banks will look at your ability to service the mortgage more closely in the remaining years, maybe even a medical could be required (no idea just wondering).

Carawaystick

wouldn't the bank not just make you get life cover, so they get repaid if you die?

If you had a state pension wouldn't that not be a guaranteed income?

antoinolachtnai

You would not get life insurance. That's the issue.

JuliusCaesar

bladebrew wrote: »

i think they will only give you a mortgage up to the age of 65 eg. if you are 50 you can only get a 15 year mortgage,it would be tricky paying off a mortgage on a pension:)
unless your a minister or something:rolleyes:

If you are self-employed, you can get a mortgage to age 75. Basically, you can get a mortgage for as long as the bank thinks you'll be able to repay it.