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Mortgages for over 70's?
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Huntfamily
Posts: 1 Newbie
My dad was offered a re-mortgage at the age of 71, is this legal?
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Comments
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Yes.
He may WANT a mortgage. With sufficient pension income, it could be doable.
Would it be legal to prevent him from getting a mortgage, or would that be considered ageism?Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0 -
What makes you think it wouldnt be legal?I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
If the re-mortgage saved him money would you be against that?
He already has a mortgage that was set up past state retirement age by the looks of it, if he has been offered a re-mortgage.I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Agreed.What makes you think it wouldnt be legal?
Although you have to be 18 to borrow money, there is no upper age limit.
Most lenders won't lend to pensioners anymore, but that is because they have decided to take that stance themselves. It certainly isn't the lawI am a Mortgage adviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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