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older mortgage applicant

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  • 14-02-2010 10:04pm
    #1
    mellody
    Closed Accounts Posts: 1 ✭


    I would like to know if the banks are 'stricter' on older mortgage applicants, myself and my partner and in our mid forties and got stuck renting for the last ten years or so. He is self employed so during the property bubble (i was at home with the kids) we could not afford to actually buy in the area we like.Now I am working part time, prices have come down etc. but will the bank only give us a short term for repayment and will our steady payment of rent over the years be looked upon favourably? I am getting desperate to stop buying this house for the landlord and have something to give the kids!


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    #2
    Toots
    Administrators, Business & Finance Moderators, Society & Culture Moderators Posts: 16,920 Admin ✭✭✭✭✭Toots


    I wouldn't necessarily say they're 'stricter', but most will only let you borrow until retirement age (65) so the longest term you'd probably get is 20 years or so. The shorter term will mean your repayments are higher, so that could affect your application, as the bank will want you to have a certain amount of disposable income left after your mortgage and other obligations are met.


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    #3
    tHE vAGGABOND
    Registered Users Posts: 6,687 ✭✭✭tHE vAGGABOND


    I would guess that the larger your deposit, the better they will look upon you...


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    #4
    Priapus
    Closed Accounts Posts: 114 ✭✭Priapus


    mellody wrote: »
    I would like to know if the banks are 'stricter' on older mortgage applicants, myself and my partner and in our mid forties and got stuck renting for the last ten years or so. He is self employed so during the property bubble (i was at home with the kids) we could not afford to actually buy in the area we like.Now I am working part time, prices have come down etc. but will the bank only give us a short term for repayment and will our steady payment of rent over the years be looked upon favourably? I am getting desperate to stop buying this house for the landlord and have something to give the kids!


    Toots & thevaggabond are correct. Max term of mortgage will be 20 years, and you will need to contribute a large equity portion to the purchase (i.e. large deposit).

    The deposit they would be looking for would be considerable. A back of the envelope guestimate would be somewhere in the region of 45-55%. But you won't know til you ask. Best of luck with it.

    I do advise going through a broker in this instance by the way, they will help sniff out the best options for you (I am not a broker incidentally).


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