What's the best age to buy a house?

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By Beehive Money

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The best age to buy a house is whenever you’re ready to. Whenever you’ve...

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 circumstances. 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 circumstances 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.  

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