Few people in their late 50s and 60s are taking out loans - despite a common perception that it is wealthy businessmen close to retirement who have the most cash.
All the banks and building societies report that the percentage of their applicants who are over 55 is very small and, indeed, according to a few lenders, it is almost non-existent.
And those who are taking out the loans are generally buying apartments for youngsters in college or are buying a second or third home. These borrowers tend to go to the big clearing banks rather than building societies or mortgage-dominated banks.
Most of the lenders do not discriminate between potential borrowers whether they are 40 or 60. However, in some ways the older borrowers can find it easier to raise finance given that they will have had a longer track record with the institution and are thus seen as a safer risk.
On the other hand, some of the lenders are reluctant to grant mortgages where the applicant is likely to be repaying the loans into his 70s and particularly his 80s. A Bank of Ireland spokesman said the bank's policy is that all loans need to be paid off by the age of 70.
He pointed out that older people can find it more difficult to obtain life cover against their mortgage as life companies do not really want to be providing cover for people who will still be repaying mortgages at 75, or indeed, 80.
Of course, the other point is that many people who are coming up to retirement are at their peak in terms of earnings and are looking forward to pensions. For some, this means the purchase can be funded out of cash but others borrow with a view to repaying the loan once the retirement lump sum becomes available.
Of course, some borrowers are taking out top-up loans to pay a deposit for their children.
But this can change on the investor side of the business. The banks receive a lot of inquiries from people of up to 60 years of age who are looking to purchase a property and take out a mortgage which they might not repay until over the age of 70.
Bank of Ireland says it considers these applications on a case-by-case basis. In these circumstances, there is not the same worry about life cover, as the house is not a family home and there is also likely to be rental income to cover the mortgage repayment.
The Irish Permanent says the criteria are the same for all borrowers, irrespective of age. `If you are 60 you can still take out a 25-year loan," he said. "But there are very small numbers looking for this."
According to AIB, there is more evidence that older people are buying property with the intention of passing it on. This is particularly the case if they live down the country and children attend third-level education in the city.
Still others are forced back down that road following a marital separation. According to Sherry FitzGerald's director of auctions, Simon Ensure, up to 15 per cent of all homes sold are the result of separation. And some of the time at least one of the parties will have to take out a mortgage to fund a second home.
According to Mr Ensor, couples separating range from their 20s up to their 70s, but with those without children there is less need to buy a large property to accommodate children.
And in some rare cases, lenders report older men buying larger homes with much younger second spouses.
