MSE News: People over 40 'denied mortgages'

Former_MSE_Joanne

New research suggests homebuyers over 40 are being denied mortgages because they will retire before the term is up ...

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People over 40 'denied mortgages'




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Mortgage_Mark_2

Is this really news?

Why should someone be able to borrow into retirement if they can't prove their retirement income will be sufficient?!

First people moan about borrowers taking advantage of self-certified, interest-only, lending to retirement mortgages pre-2008, and now the same people moan about responsible lending practices.

The mind boggles.

lemontart

I do find this odd in a way having gotten a mortgage 3 years ago at 50 but took it out for 15 years and I know several others my age group that have done similar

James_B.

"Being denied". Yet more emotive language from a site that seems determined to encourage people to take on debts that they can't afford, then blame the banks when it all goes wrong.

I honestly believe that the journalists and moderators here must have morals so out of line with decent society that I'm surprised that they can function in it.

zerog

I thought that nobody was going to be able to afford a deposit until they were 40 anyway... at least if they want to buy in London.

woodworm001

Good grief, I'm 42 in January and just applied to Santander - should I have asked for a 23 year mortgage?

Anyone had experience of this recently?

mrginge

Good news imo.

Thrugelmir

woodworm001 wrote: »

Good grief, I'm 42 in January and just applied to Santander - should I have asked for a 23 year mortgage?

Anyone had experience of this recently?

Won't you retire at 67?

Thrugelmir

Mortgage_Mark wrote: »

Is this really news?

Why should someone be able to borrow into retirement if they can't prove their retirement income will be sufficient?!

First people moan about borrowers taking advantage of self-certified, interest-only, lending to retirement mortgages pre-2008, and now the same people moan about responsible lending practices.

The mind boggles.

Standard of financial journalism reaches new lows. Appears that everyone is becoming a debt junkie. Yet to cure the ills of the past. Culture has to change.

amnblog

Anyone who thinks this is not a problem has had their head up their bottom.


The days of taking a mortgage in your twenties and paying it off steady, in full, over 25 years are long gone.

tizerbelle

Aren't they aware that the default retirement age of 65 was scrapped 3 years ago? Very few jobs now are allowed to retire you at 65 (or whatever their usual retirement age is) so you can, should you wish, carry on working until you keel over - assuming they don't sack you for capability reasons before that date!