Borrowing into Retirement

st_squirrel

Has anyone got a template or guidance on how to write a 'Borrowing into Retirement' letter?

somethingcorporate

More info needed - to who and for what purpose?

Some lenders will allow borrowing into retirement assuming their is suitable income post retirement.

Use a broker, they should help you navigate the lenders to find a suitable one.

st_squirrel

It's for a mortgage application with Halifax. I am 35 (my partner is 30) and broker managed to find us a 34 year mortgage.

Goldiegirl

With a 34 year mortgage you'll be 69 and your partner will be 64.

So you'll need to detail your plans for making the mortgage payments for the couple of years that the mortgage is still running after you retire.

For example, give details of your pension arrangements, and, your partner will still be of working age, so you could still have income from their job, so you could also mention that.

The most important thing is to illustrate that you will still be in a position to maintain payments after you retire

Let_Us_See

Firstly, why isn't your broker assisting with providing proof of income into retirement? Unless you have a guaranteed final salary scheme you may find it difficult providing proof of guaranteed pension income at your current age.

However, the way the retirement age is rising, you may well still be in full time work by the time you reach 69.

kingstreet

We're pretty much using 70 as "normal retirement age" these days, unless the borrower is only a few years from retirement.