Mortgage term restricted by partners age

Romeo2014

Just wanted thoughts/advice on the above, I am 39 and the main earner,my partner is 50 and so the bank are only quoting us for a 16yr mortgage term due to her retirement age?

Is there a way around this? I will still be working once she has retired and she will also be receiving a pension + state pension.

Thanks!

Dave_Ham

Try another bank, or probably better suited find a mortgage broker.


There are likely to be options past this age/term, subject to your specific circumstances of course.

kingstreet

Yes. Use a different lender, or provide the required evidence of income in retirement to get a longer mortgage term from the one you've spoken to so far.

pinkshoes

Romeo2014 wrote: »

Just wanted thoughts/advice on the above, I am 39 and the main earner,my partner is 50 and so the bank are only quoting us for a 16yr mortgage term due to her retirement age?

Is there a way around this? I will still be working once she has retired and she will also be receiving a pension + state pension.

Thanks!

We have the same issue as my DH is 8 years older than me.

They (Post Office) have said they will extend our term as I will still be earning/working when DH retires, plus DH has a good private pension forecast (which they wanted to see).

We are only extending by 4 years over his retirement though. The maximum you can usually extend to is when one of you is 70.

Romeo2014

It's stupid, we only want to borrow 170k over 25yrs not 16 as makes 200-300 difference in monthly payments. The stupid thing is that on my own I can borrow £148k so my partner (50) is only covering 22k of mortgage. She has a pension worth around 5-6k per year but will be working up until 67. She also currently has a mortgage of £90k in her own name on the house we live in now, so surely she is more of a risk now than if they agree the extension (which they didnt) absolute joke.

Dave_Ham

As we previously said, are you restricted to one lender for some reason?


Every lender sets their criteria, you either fit and work to it or try another lender.


Just because you do not agree or is not logical makes no real difference, as they will not change.


Find another lender or take what is on offer I am afraid.

Romeo2014

Ok so tell me which lenders do not abuse the age restrictions in this way, there is no common sense applies instead a tick box exercise and a one size fits all approach.

Dave_Ham

You have disregarded what I have said, there is criteria and you either fit it or you do not. Each lender sets their criteria.


I am not going to list out the lenders that may suit your situation as there may be other reasons why they are not suitable for you and could be construed as leading.


Engage a broker or get ready to spend some time researching in detail.


There are lenders that will got to 75-80 for applicants though.

lindens

my new mortgage takes us to age 72 years, had to provide future pension forecasts, thats with the Coventry. but we went through a broker

amnblog

Romeo2014 wrote: »

Ok so tell me which lenders do not abuse the age restrictions in this way, there is no common sense applies instead a tick box exercise and a one size fits all approach.

What do you suggest in a highly regulated environment - everyone uses their discretion?


Stop pushing against the tide and engage a mortgage broker.

comeandgo

We are with Nationwide and have mortgage until husband 75, I'm a lot younger.