Twenty five year mortgage sold to 55 year old

keithlobb

I'm looking for a 12 year mortgage. I am 67 years old and my wife is 70. I'm looking for around £60000 any helpers please.

Adam3

Sell of a part of the current equity using something like Saga Equity Release.

You knew it was a 25 year mortgage why do you think they would release you for the outstanding capital? It's your responsibility to take control of the term not theirs.

Blame game culture?

ACG

Hi Keith,

How much is the property worth?
How do you intend to pay for the mortgage? I cant see you wanting to work until your 80?

mrginge

This is clearly Thatcher's fault.

magicuk

WOSSER wrote: »

Abbey - sold me a £100,000 mortgage on a property worth £205,000 nine years ago. I am now 65 and still working, but next year I will be forced to retire. I was never asked how I would repay once I hit retirement. Do I have a case to go back to them and get them to pick up the tab for the outstanding capital balance.

:money::money::money:

lonestarfan

Noticeable that the OP has never been back on the thread since posting.
Retired folk have a guaranteed income if they have a pension in place. I'm not talking about people who haven't saved for retirement by for example pension contributions. People don't have to be forced to continue to be in employment, they can retire and draw a pension income. If they can demonstrate they can pay the mortgage when they've retired I do not see why they can't have a mortgage. I don't see why there should be an upper age limit of 70 or 75 either. If they wish to keep paying a mortgage til they die so they can live in a property and be safe in old age and have control of occupation rather than a landlord and can live in an area of their choosing then I want them to have that choice. Their choice. (But I know they aren't the underwriters/decision maker/companies!). If they can afford mortgage payments then I'd prefer older people/pensioners/retired whatever you want to call them be allowed to borrow for as long as they like.
I realise they'll need a good LTV so the lender isn't too exposed if the capital hasn't come down hugely before death but I would like to see them being allowed long terms like the younger folk that mean repayment mortage MAR is affordable because longer terms are needed due to the high price of housing.
And posters like Wosser do older borrowers a disservice & perpetuate this nonsense that older borrowers shouldn't be allowed to borrow. So many things could have happened in life to mean they are in the position of needing a mortgage and would prefer a mortgage than to rent.
I realise I'm not in charge of lending but that's my view!

lonestarfan

ACG wrote: »

Hi Keith,

How much is the property worth?
How do you intend to pay for the mortgage? I cant see you wanting to work until your 80?

Why does he have to work til he's 80?
Is that what mortgage lenders insist you must be in employment and can not be using retirement income?

James_B.

wrkactjob wrote: »

Incredibly irresponsible lending, you shouldn't have been leant the monies by the institution without them asking how you intended to pay.

9 years ago financial institutions couldn't give a to**.

It's not irresponsible at all. They have his house as security, so are unlikely to lose out.

Cyberman60

People nowadays just do not accept that they should take responsibility for their own decisions. I'd love to have my Offset Mortgage until I'm in my eighties as it would mean that I have access to a 'cheap equity release'.

My advice to the OP is either sell your house to pay off your mortgage or increase your earnings until you retire to pay off the capital.

amnblog

lonestarfan wrote: »

Why does he have to work til he's 80?
Is that what mortgage lenders insist you must be in employment and can not be using retirement income?

The problem is not necessarily using future retirement income - it is more likely to be proving retirement income - and proving it at a satisfactory level.