Are there age restrictions for longer mortgage terms?

[karyncake]

We have been saving up a deposit for what feels like forever and I have been wondering if there is a cut off point for taking out a 25 year mortgage.
DH will be 40 next year (I will be 31) and at the rate we are saving it will be another 3 years before we have enough (basing that on the time it should take us to win the lottery ).

hi - when we took out a mortgage which ended post dp's retirement (when everyone thought we would would retire at 65!), the bank had us sign a statement saying we understood this and realised that we might not have a high enough income then.

Fortunately we have managed to reduce the mge term since. But as retirement ages rise, and it becomes illegal to force people to retire at all, it might become a non-issue.

Oh thats good to know, thank you!

DH is an artist so does not really have any plans to retire, its more a case of his hands giving up on him at some point.

We just remortgaged to extend and changed our mortgage term as till the main earner's 75th birthday.

Interesting, we were not allowed to arrange our fxed rate mortgage with the halifax to finish after our retirement ages.

We're with Nationwide.

Britannia wouldn't let us take out a mortgage which went beyond my 65th birthday (which we hadn't considered.) And this was Sept 2006 when anyone would lend us anything

God, I hate the idea of a mortgage at 75

We have no intention of waiting till we're 75 to pay off our mortgage - even though our pension is more than adequate but we could do with a couple of easy payment years to enable us to finish off the house properly before reducing the term and paying off early - you have to be flexible - some years you over pay, other years you go on a nice holiday.

HSBC would not consider a mortgage term that took us past 65. It does vary - a broker would be able to tell you.

It was possible but i dont know if any sensible lender would offer it now. My mum's mortgage doesn't finish til she's 73. She's on her own and was forcibly retired by her employer at 65. She can't afford the mortgage on her pension alone. Because she has such a small income she cannot re-mortgage and so is stuck with the very high interest rate. She is lucky that her children are looking after her since otherwise she would be losing her house as a pensioner.

I second what EColi says. We had to pay off my mil's mortgage as it extended past retirement age and she could not meet the payments with her pension.

Good thing about a shorter mortgage term is that you pay less interest overall - you might have to go for a slightly less expensive property is all.

we extended our mortgage term recently with Nationwide (as a very temporary measure ) but they were happy to extend til dh's 75th

The Co-op has offered us a 25 year mortgage which would take DH to seventy. Obviously we are planning to repay earlier.