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Mortgage lending into retirement
Cruet
Posts: 2 Newbie
Who would lend until the age of 80 or 85. - 80% deposit available.
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Comments
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Deposit has no relevance in this situation.
Apparently this can be done, but I dont think so. Most go up ro 75, but at that term lending would he based on pension income not salary.
Why do you need the term to that age.....generally there is no need to lend to that age hence why max age at term end is applied by all lenders.0 -
Simon_gloster wrote: »Deposit has no relevance in this situation.
Apparently this can be done, but I dont think so. Most go up ro 75, but at that term lending would he based on pension income not salary.
Why do you need the term to that age.....generally there is no need to lend to that age hence why max age at term end is applied by all lenders.
Why do you think it can't be done?
There are lenders who will consider, they tend to be the smaller building societies though.
Alternatively you could consider equity release?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 -
Is there a source of income up to age 85?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
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following on from your other thread asking for the best rate, this is one of the reasons you should speak to a broker. There is no point in finding the best rate for them to only decline you because of your are when it finishes.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
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Why do you think it can't be done?
There are lenders who will consider, they tend to be the smaller building societies though.
Alternatively you could considcer equity release?
Just thinking that if the poster starts applying online to hsbc, halifax etc its a waste of time. As I said it can be done (apparently) but it'll need a broker to source.
Its ok going up to age 90, but if there is no LIR provisions in place they may as well save themselves the trouble.0 -
Why would you want debt in your 80s? The world has gone mad0
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Why would you want debt in your 80s? The world has gone mad
Because we don't all live in a perfect world, where we can all repay our mortgages by 60, then build a nice nest egg, before retiring on our final salary pension at 65.
Peoples circumstances change, wha my once have seemed like a good plan, now no longer works.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
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