02Mar/16
buy my own home

Why It’s Harder Moving House As You Get Older

We all tend to think that first time buyers have the hardest job persuading lenders that they are a good risk when it comes to a mortgage but are banks and building societies equally reluctant to lend to older applicants? This seems counter-intuitive as older borrowers are likely to be more used to handling their finances and budgeting properly but it seems it is now harder moving house as you get older so what could be making lenders reluctant when it comes to older borrowers.

Many banks and building societies have made their lending criteria more stringent for borrowers approaching retirement age and some have even started to put a “maximum age” cap on their mortgage deals. This has resulted in some older borrowers struggling to secure a large mortgage for their new home, even when they have solid financial circumstances and a range of assets that more than cover the value of the mortgage. It has also led to accusations of ageism on the part of some lenders due to the restrictions they have placed on older borrowers that take little account of individual situations.

03Jul/15
buy my own home

Is Renting for Me?

There are a variety of pros and cons with renting a house. I am currently renting even though I have recently bought a house. This might seem odd but it’s because I am having my house refurbished, which can be stressful at times so I thought it would be a better idea to rent short term to be able to escape the mess.The original idea was to do it up slowly while I lived there but, in the end, I though it would be best to get the main sections done before I moved in. I have taken on the role of project manager, but I’m beginning to wonder if it would have been a more sensible idea to actually hire a professional. Nevertheless the work is half way through so now its time to start deciding on the final touches. I can’t wait for the day to be able to get my belongings out of my storage and be moved into my new place.