Mortgage up to retirement

[anonymous-user]

Looking at getting a mortgage in the next few months. Won't be getting one over 25 years as I will be due to retire before then.
Currently according to one of the goverment websites I looked at my state retirement age would be 67. I have tried a online quoters for a bank/building society (including putting current age in), and it said contact us as you are looking at a mortgage past the age of 65.
Is there a standard retirement age the banks/buildings all go for?

[Sarnie]

Nope, each lender will carry differing ages and criteria.

I did a case last week that took the clients up to 68 and you can go up to 75 with some lenders out there.

[z4emsee]

We've just taken on a new mortgage which has a redemption date when I will be 70 and I asked this question. The mortgage advisor said they are usually ok up to the age of 75 (Nationwide).

[mx stu]

Probably slightly different as I'm 'only' 30 but we've just got a 40 year mortgage from First Direct so that'll technically be repaid when I'm almost 71. Truth of the matter is though we've gone for the cheapest available option whilst we're paying almost the same as our monthly mortgage payment in childcare costs! Once those fall away over the next 18 months we'll walk the term down through overpayments etc.

I think Halifax offered to let the term run to exactly 70 so offered a 39 year 2 month mortgage.

I suppose the closer you are to a retirement age they will want to know more about your pension provision.

[rfisher]

So if you take a 25 year mortgage at 40, planning to retire at 65, and then decide to retire at 55 do you need to clear this with the mortgage provider first?

[mx stu]

rfisher said:

So if you take a 25 year mortgage at 40, planning to retire at 65, and then decide to retire at 55 do you need to clear this with the mortgage provider first?

Think the emphasis would be on you to continue making payments otherwise your house would be at risk. Therefore if you can afford to continue making the payments its not a problem. Re-mortgaging would no doubt be dependent on having a steady pension income though.

[Sarnie]

rfisher said:

So if you take a 25 year mortgage at 40, planning to retire at 65, and then decide to retire at 55 do you need to clear this with the mortgage provider first?

No. Mortgages are underwritten at the point of application, not continuously throughout.

If you wanted to retire at 55 they would give a hoot as long as they get their money each month.

[anonymous-user]

Thanks for the replies