The increase in age limits for mortgage applicants has been praised by Age Action.
Many older people have previously found themselves turned down for mortgages because of their age, with banks concerned they will be unable to fully replay the loan.
Austrian company MoCo is extending its upper age limit to 80 after first entering the Irish market at the end of last year.
The company will offer terms of up to 35 years and say they will assess each applicant’s circumstances if they will be paying it back after retirement.
Houses in the Belcamp Manor estate in north Dublin. Image: Occu“Age Action has been contacted by people in their 60s and 70s who are frustrated because they’ve been refused a mortgage on the grounds of their age,” Age Action spokesperson Nat O’Connor said.
“Even when you’ve a good income or a property that they want to downsize.”
Older people will also not be charged a higher interest rate than younger applicants.
“So, the rates are as they are - whether you’re under 70 or over 70,” MyMortgages.ie spokesperson Joey Sheahan said.
“It’s a requirement of all mortgages that you would have a death benefit policy - so, this will be required regardless of the age.
“That’s standard for every mortgage.”
According to the CSO, the median age of mortgage applicants increased from 33 in 2010 to 43 in 2021.
Main image: An elderly woman and her keys.
