mortgage for over 65

Conrad

BTW OP - if a broker recommends they do a buy to let mortgage, secretly record them. If in future the house burns down and then the insurance is invalid which it will be, claim against the broker for the loss.

Simon_gloster

Conrad wrote: »

This is total nonsense.

NO lender will lend such an amount to these applicants at that age. It will fail the responsible lending test.

Mums income will likely be unsustainable and thus ignored. The short term will kae payments very high. It is unlikely interest only would be accepted in this case. The whole thing would fail the FSA's Treating Customers Fairly principles on just about every count.

Quite right Conrad, mums income will be ignored thus using pension only. The minimum term would be high on DIP results thus takingbit beyond maximum age at end of term.

Stick to my original post.....declined at Aip results stage or initial fact finding.

On repayment and standard living costs the mortgage is totally unaffordable and irresponsible to consider lending.

Wh05apk

Guy's particularly Conrad as you should know better.

Looking at the OP's pension income, it would appear to be about £20kpa, which if they wanted £75k over 19years could be do-able (about £450pm) Without knowing the full facts of income etc you are jumping to conclusions, it would not be easy, but I know of at least one lender who will do 3.75x upto 85 years old. At this level the cost will likely be less than renting, so how is that not treating the customer fairly?

If the income is inadequate : "Most high street lenders offer fast tracking which is not self cert but is in fact where they deem your credit and status to be such that they don't request income verification. A good indpendant broker can take a view on things and using various methods decide whether she thinks it's affordable. Beware as most borkers are part of large networks such as Sesame, and these may place other obigations on the broker which you might not be able to meet and which the lender themseelves have not requested.

A broker does not have to rely on payslips, they can asses affordability in other less obvious manners without breaking any rules. " - Conrad 28-11-2011, 4:02 PM

kaya64

emz123456 wrote: »

please help!!!!!!!

My parents are 65 and are currently renting there home. they owned a house all my childhood but had to sell 7 years ago when my dad had to retire due to ill health. they got behind with things and had to sell house to avoid further action.
They both have good credit ratings now and have credit cards etc with no problem.
my mum is desperatly unhappy renting and really wants her own home, she is making herself ill with the worry. having owned her own houses for over 40yrs she cannot get used to it. she has a £25k deposit to use. can anyone advise what i can do? we have called a few mortgage brokers but they do not bother to call back.
emma:(

Is this site any good , maybe they could buy one outright ,its worth taking a look http://www.theempirepropertygroup.co.uk/developments.html

Thrugelmir

Wh05apk wrote: »

A broker does not have to rely on payslips, they can asses affordability in other less obvious manners without breaking any rules. " - Conrad 28-11-2011, 4:02 PM

Have to say that Conrad appears to have changed his views somewhat in recent times. Something which should be applauded. Times have changed. Good people have the ability to move on and don't get stuck in the past. Adaptability is an important life skill.

Wh05apk

Thrugelmir wrote: »

Have to say that Conrad appears to have changed his views somewhat in recent times. Something which should be applauded. Times have changed. Good people have the ability to move on and don't get stuck in the past. Adaptability is an important life skill.

Yes agree with you there, but if he has moved on, he should not dismiss something without knowing the full facts, it maybe that it is not possible, but that is why a good broker is needed to fully assess income/affordability and research the market, it is far too easy to make soundbite style comments on here, and unfortunately some people will take what is said on here as gospel, in the same waythat a lot of people believe they cannot get mortgages without a 25% deposit (because that is what the press often states) Lets stick to facts and not 'dis stuff from ignorance.

holly_hobby

Fast track is an A or B pass - but the ability to request proof of income is always reserved by the lender - accordingly fast track is not a true alternative to self cert, and should not be promoted as such. To which there are also the max age at redemption issues.

BTL is NOT a back door self cert route - glad to see that views of some have changed on that.

All resi mge lenders have a max age at redemption, the last lender who loaned without age restriction on a residential mge (largely relevant to I/O arrangements) was YBS - who withdrew from this market some time ago.

Open ended age (ie redemption on death) would be achieved via a lifetime mge arrangement, or a facility offered by a provider I am aware of, whom have effectively taken the place of Halifax's (now defunct for non exis borrowers) Home Retirement Plan. To which there is also a lifetime mge arrangement that does permit the regular monthly repayment of interest to effectively ringfence the original debt (for estate protection purposes).

But in respect of a true resi mge the topend age would be 85 (subject to affordability) - with a SELECT no of providers.


Holly

Wh05apk

holly_hobby wrote: »

But in respect of a true resi mge the topend age would be 85 (subject to affordability) - with a SELECT no of providers.


Holly

Thank you, precisely my point, it MAY be possible, without a ful fact find and research, people are just guessing, it won't be easy, but it may be possible through a good broker.

holly_hobby

Wh05apk wrote: »

Why do you think the term will be limited to 10 years? Some lenders do not have a maximum age.

So you agree this initial statement wasn't correct (in respect of the traditional mge arrangement being discussed).

H

kaya64

try age concern .