Is there an age limit for a mortgage?
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renell
Apprentice
Joined: 06 Apr 2006
Posts: 2
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 Posted: 04/29/08 - 07:47 Post subject: |
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Im 54 and Im the owner of a beautiful house in East London, Im married, have two children, a very good job as marketing adviser and after all my life Ive spent in London, Ive got fed up with the same surrounding, same people, same area and very routine life style that in my opinion should change, otherwise, I dont know how satisfied and productive I can be at work. I was thinking about changing my job, but at this moment Ill consider it and stay at current job. Im planning on taking another mortgage so I can buy a house in smaller city or somewhere overseas, France for example, and if my financial situation allows, I would be moving there, or just rent it, to have at least some benefit from it. I m concerned for the reason that mortgage can have an age limit, and if does, am I eligible for mortgage at my age?
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anita
Apprentice
Joined: 14 Apr 2008
Posts: 2
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| Posted: 05/28/08 - 22:02 Post subject: |
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I have to say and confirm that every mortgage has its limits and in many ways is different for each person who apply for a mortgage, taking into account persons wages, age, and in situations where this is not first mortgage, they may consider checking history of your previous mortgages and how payments went, and under which circumstances has been paid off. Young people at their twenties, thirties can be more eligible for higher or long period paying off mortgage, contrary to people who pass 55 (thats the minimum age for reversion plan tat will allow you to sell part of your interest in the property, with the scheme in which provider is receiving an equivalent part in any profit you make if property is sold).
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