mortgage after state retirement age

map3

Hi all First time posting on here. We remortgaged a number of years ago, due mainly to our endowment not being sufficient to complete our mortgage we are with the A & L . This mortgage does not complete until 3 years (i think) after my husbands state pensionable age of 65. Does anyone know if this might be a case of mis-selling a mortgage. I have not made any enquiries about this elsewhere but it is going to be a struggle to pay this when he is not working so wondering if anyone has any advice Thanks

Thrugelmir

Why do you believe you've been mis-sold? You were aware of your husbands retirement age when accepting the mortgage offer.

Start tackling the issue now while your husband is still in employment by making overpaying to reduce the debt owed.

TrickyDicky101

map3 wrote: »

... but it is going to be a struggle to pay this when he is not working so wondering if anyone has any advice Thanks

Why did you take the mortgage out in the first place if it was going to be a struggle to pay it all back?

If you are unable to repay following retirement then perhaps you should consider selling up and downsizing to deal with your debt.

ScotlandM

Sounds like he won't retire until 68 then.
Is your name also on the mortgage? Are you a little younger than he is?

I can't believe they didn't ask or mention it goes beyond his state retirement age. And what do you think was missold? If there was a law stating he had to retire at 65 or that old people were banned from having a mortgage then it'd be missold, but there isnt such a law.
State pension age is the age at which you can draw a state pension, it is not a suggestion to retire only that the retirer will be ligible for a state pension. If your finances can't cope with his retirement then he shouldn't retire
SkiPort

katejo

map3 wrote: »

Hi all First time posting on here. We remortgaged a number of years ago, due mainly to our endowment not being sufficient to complete our mortgage we are with the A & L . This mortgage does not complete until 3 years (i think) after my husbands state pensionable age of 65. Does anyone know if this might be a case of mis-selling a mortgage. I have not made any enquiries about this elsewhere but it is going to be a struggle to pay this when he is not working so wondering if anyone has any advice Thanks

I'm a bit surprised that you got one at all. I took out my current mortgage in 2006 and had to limit it to 22 years as 25 would have finished after I reached 65.

Wh05apk

katejo wrote: »

I'm a bit surprised that you got one at all. I took out my current mortgage in 2006 and had to limit it to 22 years as 25 would have finished after I reached 65.

Maybe you have a case for being mis-sold!:rotfl::rotfl:

Lenders have/had different criteria, and generally provided it is plausable that you could continue to work, there is no issue with taking being SRA, although most lenders restrict the term to 70/75 subject to long term affordability/pension provision.

holly_hobby

Firstly, mortgage regulation did not come into place until 2004 - which I am guessing from your post, occurred some yrs after the commencement of this mge, and would deal with mis-advice re products etc.

As already stated, a mortgage term exceeding the individuals NRA is not necessarily a mis-sale, although the lender must determine as part of the uw process of sustained affordability whilst in retirement.

Determining affordability post NRA (which is not solely in relation to earned income, but other acceptable sources such as pensionable income and even benefits in some cases) would have been assessed as part of the application process, as that is how a lender is able to demonstrate responsible lending and is a fundamental part of the uw process.

If however affordability is now an issue, as the figs given in the application were "inaccurate" (and not verified if processed under a self cert or fast track application), or simply the mortgagors financial circs and income have unforeseeably changed or reduced, then unfortunately there is no blame to lay with the lender, rather the opposite in relation to any fanciful income fig that may have provided by the applicant.

IF, the issues you have differ to this, than please expand with details.

Hope this helps

Holly