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  • FIRST POST
    • chrispy1
    • By chrispy1 9th Jul 17, 8:15 PM
    • 33Posts
    • 9Thanks
    chrispy1
    Who says age don't affect a loan
    • #1
    • 9th Jul 17, 8:15 PM
    Who says age don't affect a loan 9th Jul 17 at 8:15 PM
    I'm thinking of getting a new car. A month I used the Eligibility Calculator on this site and found the my bank was one of the ones I was likely to get a loan from. I then decided to put it off till after a pre planned holiday. Today after the holiday I checked the calculator again. My bank was now down around 10th or 11th. In fact there was nothing higher 80% chance now.
    The only thing that had changed was my age. When I first checked I was 63 now I'm 64.
    I checked my wife on the calculator who's 3 years younger but earns less than me and she had an offer for the same amount with a 95% chance of getting it.
    So who says age don't effect the chance of getting a loan.
Page 1
    • Robisere
    • By Robisere 9th Jul 17, 8:33 PM
    • 1,729 Posts
    • 2,528 Thanks
    Robisere
    • #2
    • 9th Jul 17, 8:33 PM
    • #2
    • 9th Jul 17, 8:33 PM
    Does not help you I know, but useful information for all those approaching or over 64: it may be a "cut off" point. I suppose they have to draw a line somewhere.

    But it is annoying, especially for the growing number of people who will either be unable or unwilling to retire at 65.
    There may be more than one way to skin a cat.
    But the result is always inedible.

    • buglawton
    • By buglawton 9th Jul 17, 8:36 PM
    • 6,885 Posts
    • 3,128 Thanks
    buglawton
    • #3
    • 9th Jul 17, 8:36 PM
    • #3
    • 9th Jul 17, 8:36 PM
    Sounds like your bank hasn't been updated with the current official UK retirement age.
    • zx81
    • By zx81 9th Jul 17, 9:51 PM
    • 13,163 Posts
    • 13,478 Thanks
    zx81
    • #4
    • 9th Jul 17, 9:51 PM
    • #4
    • 9th Jul 17, 9:51 PM
    So who says age don't effect the chance of getting a loan.
    Originally posted by chrispy1
    Hopefully no one. I would hope they say that age doesn't affect the chance of getting a loan.
    • robber2
    • By robber2 9th Jul 17, 11:37 PM
    • 255 Posts
    • 203 Thanks
    robber2
    • #5
    • 9th Jul 17, 11:37 PM
    • #5
    • 9th Jul 17, 11:37 PM
    Sounds like your bank hasn't been updated with the current official UK retirement age.
    Originally posted by buglawton
    Theres been no such thing in the Uk for 6 years now
    • badmemory
    • By badmemory 10th Jul 17, 1:20 AM
    • 672 Posts
    • 663 Thanks
    badmemory
    • #6
    • 10th Jul 17, 1:20 AM
    • #6
    • 10th Jul 17, 1:20 AM
    I think the mistake here is going to your bank. I got 2 interest free for a year loans (bathroom & car) totalling 1.5 times my annual income at 69. Also you don't mention how long the loan was going to run for, that may actually be the problem.
    • iolanthe07
    • By iolanthe07 10th Jul 17, 5:45 AM
    • 4,861 Posts
    • 4,593 Thanks
    iolanthe07
    • #7
    • 10th Jul 17, 5:45 AM
    • #7
    • 10th Jul 17, 5:45 AM
    The prejudice of banks against older borrowers is really strange. I am over 70, but I have never been so financially secure as I am now, with guaranteed inflation linked final salary pensions, yet I would probably be turned down for a loan if I needed one. I suppose they're thinking that I might peg out any day and they won't get their money back!
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    • discat11
    • By discat11 10th Jul 17, 7:17 AM
    • 254 Posts
    • 299 Thanks
    discat11
    • #8
    • 10th Jul 17, 7:17 AM
    • #8
    • 10th Jul 17, 7:17 AM
    Theres been no such thing in the Uk for 6 years now
    Originally posted by robber2
    There IS a point there though - I don't know of any mortgage for example that accepts the pension age to be above 65 either.

    I remortgaged last year and could only get a 14 year term as they wouldn't go beyond 65.
    • Gambler101
    • By Gambler101 14th Jul 17, 5:28 PM
    • 497 Posts
    • 1,225 Thanks
    Gambler101
    • #9
    • 14th Jul 17, 5:28 PM
    • #9
    • 14th Jul 17, 5:28 PM
    The prejudice of banks against older borrowers is really strange. I am over 70, but I have never been so financially secure as I am now, with guaranteed inflation linked final salary pensions, yet I would probably be turned down for a loan if I needed one. I suppose they're thinking that I might peg out any day and they won't get their money back!
    Originally posted by iolanthe07
    It could have something to do with them getting stuffed if the borrower dies a lot of the time lol
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    • badmemory
    • By badmemory 14th Jul 17, 6:06 PM
    • 672 Posts
    • 663 Thanks
    badmemory
    I think that apart from banks they see home owner over 70 - if they pop their clogs we will get our money back. I've no idea what my credit report says but, apart from a credit card in everyday use & normal utilities, I would think not very much. But I am in the fortunate position (like iolanthe I have never been so financially secure since retirement - no-one can make me redundant or sack me) that I take interest free loans and pay them off before they start to charge. After all why should I remove savings from the pathetic interest rate savings accounts if I don't have to.

    Maybe the banks think state pension could get cancelled & your private pension stop paying out. Banks as always pretty much a law unto themselves.
    • Pixie5740
    • By Pixie5740 14th Jul 17, 6:24 PM
    • 10,821 Posts
    • 14,951 Thanks
    Pixie5740
    I thought all pensioners were poor which is why you get a raft of benefits including a triple locked state pension.
    Annual income twenty pounds, annual expenditure nineteen pounds nineteen and six, result happiness. Annual income twenty pounds, annual expenditure twenty pounds nought and six, result misery.
    • badmemory
    • By badmemory 14th Jul 17, 7:09 PM
    • 672 Posts
    • 663 Thanks
    badmemory
    I thought all pensioners were poor which is why you get a raft of benefits including a triple locked state pension.
    Originally posted by Pixie5740
    Only those that didn't save whilst working or continue working until 66. One mustn't forget of course those WASPI women who were too unnoticing (this is the polite version) to notice that their state pension age had increased. They only did the triple lock because the UK state pension was so far behind other EU countries. Those over state pension age who voted to Brexit should be delighted that that benefit is soon to be removed.
    • barbarawright
    • By barbarawright 15th Jul 17, 11:37 AM
    • 1,666 Posts
    • 3,196 Thanks
    barbarawright
    Who *does* say that age doesn't affect your chances of getting a loan? It's not something I've ever seen claimed here
    • jackieblack
    • By jackieblack 15th Jul 17, 11:48 AM
    • 7,087 Posts
    • 9,244 Thanks
    jackieblack
    There IS a point there though - I don't know of any mortgage for example that accepts the pension age to be above 65 either.

    I remortgaged last year and could only get a 14 year term as they wouldn't go beyond 65.
    Originally posted by discat11
    Not my experience - Nationwide told me last year that I could have a 25 year term (I'm late 40s) because they could see pension deductions on my payslips.

    A quick Google found this, in relation to mortgages:
    Nationwide – Maximum age at the end of mortgage term is 85.
    Halifax – Maximum age at the end of mortgage term is 80.
    Barclays – To be repaid by 70 or retirement, whichever is the sooner. Other applications considered on an exceptional basis.
    Chelsea Building Society – Must be repaid by the age of 75. Although may consider beyond 75 on an individual affordability assessment.
    Clydesdale Bank – Interest only loans must be repaid by 70. Repayment mortgages by 75. Individual cases considered.
    HSBC – No set age limit for repayment but loans after the age of 75 are reviewed on an individual basis.
    Leeds Building Society – Must be repaid by the age of 75.
    Mansfield Building Society – Some loans can be repaid up to the age of 80.
    Metro Bank – No maximum age providing you meet their affordability checks.

    NatWest – Must be repaid by the age of 70.
    Santander – Interest-only loans must be repaid by the age of 65. Repayment mortgages by the age of 75, or by the time you have retired, whichever is the sooner.
    Tesco Bank – Must be repaid by the age of 75.
    Yorkshire Bank – Interest only loans must be repaid by 70. Repayment mortgages by 75. They will look at individual cases beyond that.
    Yorkshire Building Society – Must be repaid by the age of 75. Although may consider beyond 75 on an individual affordability assessment.
    Last edited by jackieblack; 15-07-2017 at 11:51 AM.
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    • Murphybear
    • By Murphybear 15th Jul 17, 12:22 PM
    • 3,173 Posts
    • 6,578 Thanks
    Murphybear
    I thought all pensioners were poor which is why you get a raft of benefits including a triple locked state pension.
    Originally posted by Pixie5740
    Tell us about the raft of benefits we get.

    £200 per year per household for gas/electricity. Doesn't begin to cover the extra it costs as we are not out of the house all day

    Free prescriptions. There's hardly anyone who doesn't these days

    £10 Xmas bonus. Others get this and how far does this go?

    Free bus pass. This is great if you live in an area where there are lots of buses that actually go where you want. A lot of us don't have any bus service worth speaking of

    Pension Credit? Takes you from being on the bread line to almost being on the breadline

    Where's the others on the raft?
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