Mortgage at 70

Michelleindub

Michelleindub

Registered User
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5
Hello

Does anyone know if it’s possible to get a “buy to let” (or any type of mortgage) at the age of 70?

Retired but own home (€2m value) and other minor assets - looking to buy property approx €300k / €350k

Any advice appreciated
Thank you
 
The maximum age on maturity is 75, so you'd get a maximum 5 year mortgage.

The main criteria is your income, not your assets. Do you have enough free cashflow to service a mortgage if theres no rental income? Do you have a decent pension, etc?
 
RedOnion said:
The maximum age on maturity is 75, so you'd get a maximum 5 year mortgage.

The main criteria is your income, not your assets. Do you have enough free cashflow to service a mortgage if theres no rental income? Do you have a decent pension, etc?
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I see thanks. Is the next step maybe to speak to a mortgage advisor / broker/ bank?
 
There are very few lenders that would even consider this. I'd suggest maybe trying Dilosk. If you approach a broker that they use, the broker would also deal with other banks so would advise on your best approach.
 
RedOnion said:
There are very few lenders that would even consider this. I'd suggest maybe trying Dilosk. If you approach a broker that they use, the broker would also deal with other banks so would advise on your best approach.
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Tried Dilosk and they do mortages for up to 75 years of age, with a minimum term of 5 years. Enquiring further. Thanks for the info RedOnion
 
Michelleindub said:
Tried Dilosk and they do mortages for up to 75 years of age, with a minimum term of 5 years. Enquiring further. Thanks for the info RedOnion
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To the best of my knowledge America does morgages up to age 90 and beyond because not to do so is regarded as ageism and discrimination against senior citizens also quite a few in the UK are now doing the same.Its sometimes difficult to understand why Ireland is always behind!!
 
Interestingly I worked for a bank back in the day and we did a mortgage for an 80 something yr old American, (property was here obviously and so was he most of the time) term was long enough too, he'd be doing well to get to the end of it but he had big income, lots of assets, whole of life cover, low ltv and he kicked up such fuss over ageism when he was initially refused that Head Office relented and granted it :)
 
This is exactly the type of client i was thinking about.!Surely he would be a good enough client!!
 
DK123 said:
To the best of my knowledge America does morgages up to age 90 and beyond because not to do so is regarded as ageism and discrimination against senior citizens also quite a few in the UK are now doing the same.Its sometimes difficult to understand why Ireland is always behind!!
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No surprise to me ….
elderly and /or their children are vey quick to say we/ our parent has been taken advantage of / did not understand etc....
and houses are seen as very "special" type of asset here in ireland
 
This thread absolutely ruined my breakfast. We've helped our kids with their mortgages. Do we now have to dig out our grandchildren's housing needs? We must be a great people.
 
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