Mortgage advice

1931modela

Hi all, hope someone can explain.
I have had a mortgage before which was settled when I sold property.
I gave most of the proceeds of sale to my partner so we could buy her house but did not put my name on new mortgage.
We are now looking to sell our current house and buy another house together, she would like to put my name on the mortgage (therefore a joint mortgage)
We had an appointment at the Halifax today and they have agreed a 15 year mortgage in my partners name, so no problem there,
However if it is a joint mortgage ( This is the bit I don't understand) because I am 8 years older then her they will not lend for the 15 years we want but only until I am 69 (so 11 years) there is no problem on affordability or LTV (New house is £380,000 and we want to borrow £105,000)
Why if she can afford it over 15 years can we both not buy as a joint mortgage.
We have no other debts or bad credit history ever, this is purely down to Age Discrimination as I see it.
Halifax suggested I could be added after purchase, but at a cost :mad:
Could anyone explain why,

Hump

perhaps they don't want to lend to you if it takes you past normal retirement age

1931modela

What's that got to do with it, having checked their Website it states on there that they will lend up to 75.
They also said it was an FSA rule, if one person can afford it why not 2 regardless of age.

kingstreet

If you say you will retire at 65, they may request evidence of income in retirement for how you will pay the mortgage once you have retired if the mortgage term is longer.

As this is a joint and several liability, you would need to be able to service the whole mortgage payment if your partner was unable to contribute. The lender is simply meeting its obligation to lend responsibly.

I normally use 70 as the normal retirement age now, as I expect for many of us, by the time we retire, state pension age will be at that level.

What retirement age did you use and could you provide evidence of income in retirement sufficient to service the mortgage payment in full?

From criteria;-

Future retirement income will need to be verified where the client is within 5 years of their planned retirement or their 65th birthday, whichever is the earliest, and the term exceeds retirement.

Affordability will only be assessed on retirement income above the age of 70