Mortgage - Age Discrimination?

holly_hobby

Most but a couple of high street lenders, have a max redemption age of 75 yrs - so you'll pretty much be on a hiding to nothing if you're going through them one by one.

There are however, 1 or 2 lenders whom don't have this ceiling ie no set max age, subject to status and proven affordability throughout the mge term. NB - if interest only is sought, a suitable repayment vehicle must of course also be in place.

Have you spoken to a broker ?

If not, cut to the chase on this one, save yourself the legwork and engage one, who will discuss the available providers I mention, whilst assessing your status, requirements and aspirations.

Hope this helps

Holly

Simon_gloster

Over 7 days since the original post and no AIP declared. Just be realistic and lower your expectations.

TurnUpForTheBooks_2

Was browsing on a discrimination topic this afternoon and suddenly wondered whether the goods and services part of the Equality Act had yet come into force. According to this Home Office overview it seems that it did a year ago !

Yorkie1

And, turnupforthebooks, as you've been told on another thread where you've posted that link, there are exclusions for financial products:
http://forums.moneysavingexpert.com/showpost.php?p=63657523&postcount=12

TurnUpForTheBooks_2

And you have been told, Yorkie (and you too Thrugelmir who apparently agrees with Yorkie on this), expect surprises.

You surely don't think that the Home Office overview is itself the law?

Government guidelines and "overviews" on new law more often turn out to be the gauntlet thrown down as a challenge, I reckon

Actually I have no real quarrel with the overview - I think it might be your interpretations of it based on the way we have all lived it up to this point which I think has led you astray, or into a sense of false security with your views. In other words, you could call it cultural. An understandable viewpoint, but one that I think will within a few short years be proved wrong

jacques_chirac

TurnUpForTheBooks wrote: »

And you have been told, Yorkie (and you too Thrugelmir who apparently agrees with Yorkie on this), expect surprises.

You surely don't think that the Home Office overview is itself the law?

Government guidelines and "overviews" on new law more often turn out to be the gauntlet thrown down as a challenge, I reckon

Actually I have no real quarrel with the overview - I think it might be your interpretations of it based on the way we have all lived it up to this point which I think has led you astray, or into a sense of false security with your views. In other words, you could call it cultural. An understandable viewpoint, but one that I think will within a few short years be proved wrong

You do talk some rubbish!

Thrugelmir

TurnUpForTheBooks wrote: »

And you have been told, Yorkie (and you too Thrugelmir who apparently agrees with Yorkie on this), expect surprises.

You surely don't think that the Home Office overview is itself the law?

Government guidelines and "overviews" on new law more often turn out to be the gauntlet thrown down as a challenge, I reckon

Actually I have no real quarrel with the overview - I think it might be your interpretations of it based on the way we have all lived it up to this point which I think has led you astray, or into a sense of false security with your views. In other words, you could call it cultural. An understandable viewpoint, but one that I think will within a few short years be proved wrong

Some more reading for you.

The FCA sets out in detail how it will regulate consumer credit, including payday lending, when it takes over responsibility in April 2014

http://www.fca.org.uk/news/firms/consumer-credit-detail

TurnUpForTheBooks_2

But FCA doesn't set the rules on age discrimination, Thrugelmir. Are you sure you have linked to the correct article ? That piece you link to does not mention the words "age" or "equality" or "discrimination" even once ! Maybe this one and this one (page 3) are more topical in that they at least touch upon some of the age, equality and discrimination angles.

I seem to have upset some of the regulars with my unfashionable assertions. That has to be a good thing in a financial services commentary forum

Thrugelmir

TurnUpForTheBooks wrote: »

But FCA doesn't set the rules on age discrimination, Thrugelmir. That piece you link to does not mention the words "age" or "equality" or "discrimination" even once !

There's no need. As "affordability" is the key phrase amongst the tighter rules that are imposed on lenders. Which trumps your narrow perspective.

TurnUpForTheBooks_2

Thrugelmir wrote: »

There's no need. As "affordability" is the key phrase amongst the tighter rules that are imposed on lenders. Which trumps your narrow perspective.

I agree it trumps more or less everything, Thrugelmir in the field of lending, but you cannot select age as a proxy for measuring ability to pay. That is now 100% unlawful unless you can show me there is no other way to measure affordability in the age groups you would apparently have mortgagees discriminating against.

PS My perspective is unusually wide. Might you take a look in the mirror and be sure of yours ?