At 55, my brother said I was too old to get a mortgage

He also said the government’s help-to-buy scheme was only for younger people

Q I would like to know if I am eligible for the help-to-buy scheme. I am currently 54 but will be 55 in January 2019 and rent a room for £670 per month. One of my brothers has told me that I would never get a mortgage at my age and also that help-to-buy is only aimed at young first-time buyers. My other brothers say that I am already paying a mortgage by renting. JH

A Your brothers are talking rubbish. Your age is not a barrier to getting help from the help-to-buy scheme which is not aimed only at young first-time buyers. Nor will your age necessarily stand in the way of your getting a mortgage. Since July 2016, for example, at Nationwide building society the maximum age you can be at the end of any mortgage term has been 85 while at Halifax it is 80. And as for already paying a mortgage by renting, the rent you pay might well be paying someone else’s mortgage but it is certainly not yours.

Continue reading...

from Property | The Guardian https://ift.tt/2AkXZqp
via IFTTT