Mortgage question
Discussion
Why do so many lenders require pension funding to provide for mortgage payments for the over 65's rather than accept that S-E income will continue to be available to those who intend to continue in business beyond state retirement age ?
I'd have thought, especially these days when 80 is the new 60, that continued income from work would be perfectly acceptable to mortgage lenders (as it is, for example, to asset financiers and motor financiers).
I'd have thought, especially these days when 80 is the new 60, that continued income from work would be perfectly acceptable to mortgage lenders (as it is, for example, to asset financiers and motor financiers).
70 is the usual maximum age, beyond that lenders will be considered about your physical ability to continue to work to 80.
There are lenders who will consider it, but it would be on a case by case basis, so don't expect them to agree a mortgage beyond 70 if you are a builder or a roofer for example....
There are lenders who will consider it, but it would be on a case by case basis, so don't expect them to agree a mortgage beyond 70 if you are a builder or a roofer for example....
drainbrain said:
Funnily enough it isn't hard to find lenders who'll go to 75, it's the insistence on there being pension fund income to service the loan beyond age 65 that I've found to be the most common stumbling block.
As I said......"There are lenders who will consider it"......Eg who will consider it without pension income requirements....Sarnie said:
As I said......"There are lenders who will consider it"......Eg who will consider it without pension income requirements....
…including at least one on the high street. Odd how few are interested in that obviously growing market (i.e. more self employed, extended working life, extended life expectancy, growing adversity to pensions etc etc etc).drainbrain said:
…including at least one on the high street. Odd how few are interested in that obviously growing market (i.e. more self employed, extended working life, extended life expectancy, growing adversity to pensions etc etc etc).
That may happen in the next 5-10 years as lenders see it actually play out......you usually find that lenders really don't want to be the only lender in any niche of the market as it exposes them to be inundated with a particular type of applicant..Gassing Station | Finance | Top of Page | What's New | My Stuff