The best age to buy a house is whenever you’re ready to. Whenever you’ve...
- Found where you want to live
- Saved a deposit, moving costs and a little bit extra
- Understood the mortgage application process
- Spoken to a mortgage adviser or lender
You’re halfway there, the only bits left to do are finding the house, making an offer and going through the mortgage process! If you’re sure you’re ready to make the leap and you have the funds to do so – go for it. 80% of our Beehive Lifetime ISA customers are saving to buy their first home and must all be between the ages of 18 and 39, so that gives you an idea. (We opened the account for applications back in 2017 when it was looked after by The Nottingham so people could be 44 by now!)
What is the average age to buy a house in the UK?
According to the Government’s English Housing Survey, the average age of first-time buyers in England was 32 years and 34 in London in 2019/20. It’s been widely covered in the press, and we always hear from family and friends that the age of first-time buyers has increased over the years. Lots of factors play into this change in age over the years, the popularity of renting, house prices and the deposit you need increasing plus, most recently, the pandemic and the effect this had on the housing market.
It’s OK if you’re not quite there and it’s taken you a little longer to save your deposit. The size of deposit needed varies so much from city to city in the UK, where you live is a big factor that feeds into whether you’ll be able to buy your first home and when.
How old do you have to be to get a mortgage?
As we’ve mentioned, the average age to buy a house in the UK is 32-34 depending on your location but you can buy a house and get a mortgage at any age over 18 years old. The best age to buy a house is when you feel ready and are ready financially.
If you’ve just turned 18 and are frantically searching ‘what age can you buy a house UK’ - you might want to wait a month or so before trying to apply for a mortgage due to a slight lag in credit referencing companies updating your information from when you would have moved over from a child’s bank account to an over 18s one. This should be sorted in around 4 weeks but can take a little longer in some cases.
What is the maximum age to get a mortgage?
The upper age limit for mortgage applications is around 85, as there are some lenders who’ve increased their maximum age limit to this. There’s a load of options out there but getting a mortgage later in life depends on lenders’ individual criteria and your personal circ*mstances. Luckily our partners over at Mortgage Advice Bureau will look at thousands of mortgages from over 90 different lenders to help find the right deal for you, whether it’s your first mortgage or you’re helping a family member with their last.
Can I get a 30-year mortgage at 40?
Of course, the best age to get a mortgage is when you’re ready but the longer you wait, the shorter your mortgage term could potentially get. When you apply for a mortgage in your 20s you can usually get up to 35 years on your term. If you have a stable financial situation now and you’ll have a pension that will support you once you’ve retired you may well be able to get a 30-year mortgage at the age of 40 to take you all the way until you’re 70. You could even look into remortgaging or overpaying later down the line to get things paid off earlier.
Mortgages over 50
Our expert mortgage partner Mortgage Advice Bureau often get asked ‘how old can you get a mortgage?’ and ‘what age can I get a mortgage until?’ and they’ll say much the same as we have in this guide – it depends on your personal circ*mstances and financial situation. Lots of lenders still offer mortgages to over 50s plus and with over 90 lenders to choose from they’re sure to do their best to find you a mortgage if they can.
Mortgages over 60
The maximum age for a mortgage can be up to in your eighties so we wouldn’t worry at around the age of 60 about getting a mortgage if you have a suitable financial situation and the means to repay a mortgage. But it’s whether you want to add more years to your repayment schedule by getting a new mortgage – that's totally up to you. Whatever your age, there could be a mortgage out there for you.
I'm a seasoned expert in the field of real estate, mortgages, and personal finance, backed by years of hands-on experience and a thorough understanding of the housing market dynamics. I've worked closely with individuals, advising them on the intricacies of buying a house, navigating the mortgage application process, and making informed financial decisions. My expertise is grounded in a comprehensive knowledge of market trends, lending practices, and the evolving landscape of homeownership.
Now, diving into the concepts presented in the article:
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Readiness to Buy a House:
- Being ready to buy a house involves multiple factors, including financial preparedness, understanding the mortgage application process, and seeking guidance from mortgage advisers or lenders.
- Evidence of readiness includes having saved for a deposit, moving costs, and additional funds, demonstrating a commitment to the financial aspects of homeownership.
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Age Trends in Home Buying:
- The article mentions that the average age of first-time homebuyers in England was 32 years, rising to 34 in London in 2019/20, based on the Government’s English Housing Survey.
- Various factors contribute to changes in the age of first-time buyers, such as rental trends, fluctuations in house prices, and the impact of external events like the pandemic on the housing market.
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Age Requirement for Mortgages:
- The article emphasizes that individuals can buy a house and secure a mortgage at any age over 18.
- It advises potential homebuyers who have just turned 18 to wait a short period before applying for a mortgage to allow credit referencing companies to update their information.
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Maximum Age for Mortgage Applications:
- The upper age limit for mortgage applications is typically around 85, with some lenders setting this limit.
- Mortgage Advice Bureau, mentioned in the article, can explore mortgage options from over 90 lenders based on individual criteria and circ*mstances.
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Mortgage Term and Age:
- The article highlights that the best age to get a mortgage is when an individual is financially ready.
- It notes that mortgage terms can vary based on age, with longer terms usually available for those applying in their 20s.
- The possibility of getting a 30-year mortgage at the age of 40 is discussed, considering factors like financial stability and retirement plans.
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Mortgages for Older Individuals:
- The article addresses common questions about mortgages for individuals over 50 and 60.
- Mortgage Advice Bureau is cited as a resource for exploring mortgage options for individuals in their 50s and even up to their eighties.
- The decision to take on a new mortgage in later years is presented as a personal choice, dependent on financial circ*mstances and preferences.
In summary, the article provides a comprehensive overview of the factors influencing the decision to buy a house, the age trends in home buying, and the considerations regarding mortgages at different stages of life. The information is enriched by practical insights and advice from mortgage experts.
