Mortgages expiring @ age 70, Age discrimination??

theartfullodger

Dear all & thanks in advance for any thoughts..

As I was wandering the hills of the West Highlands of Scotland yesterday I returned to something that's been bothering me: What to do about mortgages expiring @ age 70.

Appreciate I'm in a very privileged position.

I'm 63 and in not much more than 6 years time the mortgages (all interest only) I've got on buy-to-let properties that expire at age 70 will presumably have lenders wanting bags of £££.

Yes I signed the paperwork, can read, do know my age. But I expect & hope to continue lettings until I fall off the perch, hopefully well beyond 70. I find having to sort out the occasional property/tenant/repair/whatever issue helps the brain stay awake, being otherwise largely retired.

Any chance of a challenge to them under age discrimination legislation do you think so I could continue with the lettings?? I can't see what business difference it makes to the lender what age (person aged 23 or 73..) I am in terms of the viability of the loans.. If it's worth a challenge I've got the time & patience to pursue it.. I have immaculate payment histories and, AFAIK, decent credit rating but ain't borrowed anything recently apart credit cards (paid off monthly) & mobile 'phone contract.

I'd like to try challenging the matter as a "matter of principle" and wonder what others thought & also would any public organisation be interested/is there anyone I can approach over the matter & if so whom/how/where.. Or anywhere else to pose the question: I've done so on LLZ & AgeUk already. Clearly I could try re-mortgaging but would prefer not to.

Alternatively, any suggestions??

For the avoidance of doubt I am a registered, accredited Landlord signed up to a code of practice prohibiting discrimination on the expected grounds including age & if on benefits.

Regards & thanks in advance for any thoughts anyone may have.

Artful

alanq

Yesterday's BBC Radio 4's Money Box Live programme had a couple of callers regarding mortgages for older people.
http://www.bbc.co.uk/programmes/b014qnd8

On average people are living longer. They are being required to work longer. Yet the maximum ages to which mortgages are offered are coming down. I cannot understand why there is a hard and fast rule on this. For example, someone being paid a Civil Service index-linked pension has a far more predictable income than someone in employment.

As I recall the programme said that there were a few lenders willing to offer mortgages to end at age 75 and at least one prepared to lend until age 80.

seven-day-weekend

Nationwde and Lloyds TSB will lend up to 75. I have this from the horse's mouth a month ago.

John_Pierpoint

I too listened to that programme. Was there also a discussion about how buy to let mortgages were fewer on the ground and more expensive and with more restrictions.

I agree with the OP that a buy to let should not be influenced by the age of the owner.
Perhaps a guarantor could persuade the mortgagees that their funds are not at risk, should the owner's interest disappear into a morass of probate difficulties.

pollypenny

I have some sympathy with you, OP. However, when my DD was looking to buy a house in 2007, houses were being snapped up by buy-to-let buyers.

I see them as a larger factor in house price inflation.