How does age affect a mortgage?
-
Hi all. Who has taken out a mortgage then can you tell us about whether age affects it. If so, how. Can I take out a mortgage at 18 if I can afford it and pay it back on time?
-
So the term of the loan decreases relative to an increase in the age of the borrower. If you are 50 years old, that means you have 10 years until you retire. You have to pay off the mortgage in that short period of time. If a person is 30 years old, they have more time - as much as 25-30 years of good income and career growth. I wouldn't recommend taking out a mortgage at 18 on https://www.moneyexpert.com/.
-
You can take out a mortgage, but you can't be 100 percent sure that you can easily pay it off. After all, according to statistics, at 18 years of age you are unlikely to have a full-time job. And if you lose it? How will you pay it? Think carefully about this question.
