Mortgage after IVA

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Pigger479
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by Pigger479 » Fri Jan 19, 2018 4:35 pm
once my IVA is over my ambition is to buy my own property and live happily after after. I have 4 years left and once it’s over I’m going to be 37. This may sound a silly question but by the time I save money for the house I’m going to be 40! Will this be too old to get a mortgage ? It’s really got me worried
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Foggy
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by Foggy » Fri Jan 19, 2018 4:43 pm
No -- you have plenty of time yet ----- traditionally mortgage terms ended at 65, so you could still squeeze in the usual 25 year term. But, more and more, lenders will allow them to run to 70 and up .... by then we will probably not be retiring until we are in our 80's anyway !!!
Pigger479
Posts: 70
by Pigger479 » Fri Jan 19, 2018 4:53 pm
Foggy wrote:
No -- you have plenty of time yet ----- traditionally mortgage terms ended at 65, so you could still squeeze in the usual 25 year term. But, more and more, lenders will allow them to run to 70 and up .... by then we will probably not be retiring until we are in our 80's anyway !!!



Yeah I guess your right!! I’m trying to save for full and final so I can start even earlier but it’s tough going !!
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Ryan
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by Ryan » Fri Jan 19, 2018 5:01 pm
Since 2014 most Lenders now require a mortgage to be repaid prior to your 70th birthday. 40 is almost the norm these days according to the press (!) for buying a House for the first time so I wouldn't worry too much.

Have a good weekend everyone!

Regards
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luluj
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by luluj » Sun Jan 21, 2018 5:18 am
Never too early to start planning the dream - there is life after an iva for sure !
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Shaun Vickery
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by Shaun Vickery » Mon Jan 22, 2018 12:14 pm
Definitely no need to worry yet - life begins at 40 remember!
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