Mortgages and retirement age

kingstreet

I had a case recently where the applicant was 39.

During the course of the application to Halifax he passed his 40th birthday and the 25 year term then took him past his 65th.

At first Halifax wrote to me to say I was responsible for ensuring I obtained evidence of income in retirement. Then I was notified that the "Lending Into Retirement Unit" required evidence of income in retirement or written confirmation from his employer that he could physically and legally continue to work past 65 in his present job.

In the end, I had to get the latter as the quickest potential solution to speed up the offer. This was for only a couple of months past what was by now an out of date normal retirement age.

Anyone else come across similar with Halifax, or any other lender?

kingstreet

Looking back at the case I mention, I was asked to provide the letter set out below which was supplied by Halifax in template form;-

I write with reference to the above numbered account and to confirm that the first applicant will continue to work beyond age 65 in their current line of employment.

I confirm that having discussed the matter with the applicants, I deem it reasonable for the first applicant to continue working to age 66, or later should he choose, as a despatcher.

His employer confirms continued employment beyond age 65 is a realistic prospect and the physical conditions of his employment would not prevent his continued working.

and I also obtained the employer's letter as back-up.

Halifax Intermediaries Online lending in retirement criteria did not mention this at the time and it still doesn't!