Max age for 35 year mortgage

R

Ryan

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Based on Brendan’s advice to spread your mortgage out over as long as possible I’m wondering what is the maximum age a borrower can be to get a 35 year term?

My partner will be 34 by the time we’re ready so then he would be 69 in Theory when the loan is fully repaid
 
Ryan said:
Based on Brendan’s advice to spread your mortgage out over as long as possible I’m wondering what is the maximum age a borrower can be to get a 35 year term?
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Brendan's advice is to get the longest mortgage you can but to pay it off in a (much) shorter time frame. E.g., get a 30-year mortgage with the genuine intention of consistently overpaying in order to clear it within 20 years. That will save you a fortune in interest.

However, different lenders have different rules around how much you can overpay your fixed-rate mortgage by without incurring a penalty. This thread has all the details. Choose a lender that offers the overpayment flexibility that you need (but not at the expense of settling for a terrible interest rate).
 
NoRegretsCoyote said:
Try not to think of it this way. If you have spare cashflow you there may be better options for you like tax-relieved pension contributions or putting your kids through college.
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That is true. A set of financial priorities that probably makes sense for a lot of people in Ireland is:
  • Paying off expensive debt
  • Buying a place to live
  • Building up an emergency fund in a savings/current account (3 to 6 months' living expenses)
  • Saving money for any expenses you will have over the next few years (kids; adult children going to college, etc.)
  • Maxing out your pension contributions (very large tax relief is given)
  • Overpaying your mortgage
in approximately that order.

But that's a whole other thread/subforum.
 
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Does that mean the oldest borrower must be under 70? He is 3 years older than me so say I’m 35 and hes 38 can we still get a 35 year term?
 
Browneyedgirl4 said:
What’s the maximum age aib will lend to?
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Most lenders will advance a mortgage to you with a length of 70-current age. So if you are 50, they will advance a loan of up to 20 years. If you are 40, 30 years.
In some cases that might depend on whether or not you have a pension. If not that might be reduced to your expected pension age.
 
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