Up to what age can you apply for a mortgage?

The Editorial Experts respond to Readers who ask up to what age a mortgage can be requested for the purchase of a property.

Taxpayers in particular ask similar questions, who only after years of work get a permanent contract. There are many Italian workers who do not have such contractual conditions as to be able to request a mortgage. Often precarious work or frequent work interruptions or periods of unemployment penalize workers who therefore struggle to obtain funding. As we all know, credit institutions grant loans against specific guarantees. Before disbursing the sum of money requested by the customer, the bank verifies the possession of both financial and personal requirements.

For this reason, in addition to the economic parameter to guarantee the repayment of the money, the credit institution also evaluates the age of the loan applicant. It is therefore essential to understand up to what age you can apply for a mortgage and when instead you need to look for a guarantor. In very extraordinary situations and circumstances, the borrower can even request a temporary suspension of the installment payment. To this end, we refer our Readers to the article “How and who can ask for the suspension of the mortgage payments? “.

Up to what age can you apply for a mortgage?

To guarantee the repayment of the entire sum of money relating to the loan, the bank imposes a personal limit for the extinction of the debt situation. This means that within a specific age the customer must complete thedepreciation of the total amount. Specifically, the maximum limit within which the holder of the loan must resolve the debt situation coincides with the age of 75.

However, it should be emphasized that some Italian credit institutions, together with other financial institutions, require more flexible personal data requirements. Therefore they grant mortgages whose maturity coincides with the applicant’s 80th birthday. It follows that if you apply for a mortgage at the age of 55 you can count on a limit duration of 20 years or a maximum of 25 years with some banks and financial institutions.

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