What is the max term of mortgage if 39?

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cazmayo

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Hi there,

At 39, what is the max term of mortgage that I could apply for?
Does it differs from bank to bank?

Cheers
Caz
 
I think it varies from bank to bank.

My mum at 44 got a mortage for 26 years, this was with another person, not sure if that makes a difference or not.

so if the same applies to you, you'd get a 31 year mortgage.
 
AIB have a 65 age limit. So if you're 39 max mortgage length is 26. I think PTSB had same limit.
 
Leeds Building Society go to age 75 if you can prove repayment capacity post retirement age.
 
check if you can get life insurance to cover the mortgage without it costing you an arm and a leg if it will run over age of 60
 
cazmayo said:
Hi there,

At 39, what is the max term of mortgage that I could apply for?
Does it differs from bank to bank?

Cheers
Caz
Click to expand...

should you not be asking yourself a slightly different question:

'what mortgage term best suits my financial goals?'

personally at age 39, the max mortgage term I would want to be facing is 15 years. In your 50s/60s, you want to be stuffing as much cash as possible into your pension fund, not paying down housing debt.
 
Hi there,

Just wanted to know my options before meeting with First Active.

We have an offset mortgage and thus have been told interest only is not an option with this product!

We are looking at ways to reduce our outgoings due to 2 paycuts to sole income and Im 7 months pregnant so wont to working for a while (will have 3 under 5). Thats our short term situation.

Long term, our plans are to emmigrate in 1-2 years time (visa will take 1 year to process) and therefore will be looking at selling then.

So our only concern is to reduce payments and be able to keep our mortgage paid until then.

We built our house ourselves so have built up alot of equity but are cash poor at the moment!!

I suspect FA will try and get us off the offset which is 2.15 and put us on a variable at interest only but at a higher interest rate!!! Just speculating.

Im waiting for feedback from them on what my options are.

Thanks everyone.
Caz
 
cazmayo said:
Hi there,

Just wanted to know my options before meeting with First Active.

We have an offset mortgage and thus have been told interest only is not an option with this product!

We are looking at ways to reduce our outgoings due to 2 paycuts to sole income and Im 7 months pregnant so wont to working for a while (will have 3 under 5). Thats our short term situation.

Long term, our plans are to emmigrate in 1-2 years time (visa will take 1 year to process) and therefore will be looking at selling then.

So our only concern is to reduce payments and be able to keep our mortgage paid until then.

We built our house ourselves so have built up alot of equity but are cash poor at the moment!!

I suspect FA will try and get us off the offset which is 2.15 and put us on a variable at interest only but at a higher interest rate!!! Just speculating.

Im waiting for feedback from them on what my options are.

Thanks everyone.
Caz
Click to expand...

have you reduced your repayments inline with the rate reductions to the minimum payment.
have you tried for a payment break max 6 months in any 12 month rolling period.
also they are doing reduced payments for upto 6 months in any 12 month period.
the above two of course are dependant on your available facility.
also i dont know if you know this but the short period between the mortgage payment credit to the mortgage and the interest applying to the mortgage the available facility is at its highest.
 
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