MSE News: People over 40 'denied mortgages'

Mags609

I Cannot understand this stance on 'jobs',. When you get a Mortgage for 25years there is no guarantee that you will not fall ill, be made redundant, etc., so for people trying to get even a re-mortgage - to pay less- it is being denied. As for applying for a mortgage people pay more in rent than for a mortgage but are still turned down, because the government says they cannot afford the mortgage then how can they afford the rent? are they in poverty? Just two anomalies with the system, I could go on. It seriously needs sorting.

amnblog

Careful what you wish for - or they will start restricting how much rent you can sign up for!

boatman

So you can't get enough of a deposit til you are in your 30's and too old in your 40's, great!!! So if you are self employed, on short contract or made redundant in that window you are really stuffed...

amnblog

Surely you just walk into one of those new jobs we are told are being generated every month.

dimbo61

Got 3 mortgages in the last 2 months so cannot understand this at all!

monone

My wife and I are 68 and want to downsize in our own time our mortgage is paid off and we have a substantial pension income from the Civil service far more than our fellow pensioners from the private sector. We wanted a bridging loan for maximum 5 years while we get used to our downsized home. The difference between our home value and the flat we wanted to buy was around 75%. We were turned down for a mortgage but we were offered buy to let! Ridiculous! We were also offered equity release but this meant the interest accrued meaning our family could end up with no inheritance and possibly our care home fees from the sale of the house would be eaten up in interest (exorbitant). Once again it's the law of unintended circumstances! Put in place by politicians who have never worked in the commercial sector and with the proverbial silver spoon in the mouth! TORIES.

MARTYM8`

monone wrote: »

My wife and I are 68 and want to downsize in our own time our mortgage is paid off and we have a substantial pension income from the Civil service far more than our fellow pensioners from the private sector. We wanted a bridging loan for maximum 5 years while we get used to our downsized home. The difference between our home value and the flat we wanted to buy was around 75%. We were turned down for a mortgage but we were offered buy to let! Ridiculous! We were also offered equity release but this meant the interest accrued meaning our family could end up with no inheritance and possibly our care home fees from the sale of the house would be eaten up in interest (exorbitant). Once again it's the law of unintended circumstances! Put in place by politicians who have never worked in the commercial sector and with the proverbial silver spoon in the mouth! TORIES.

Nationwide is - apparently - willing to lend 70 year olds 35 year mortgages for buy to let but only 5 years for owner occupiers. So potentially they are willing to allow you to still have a mortgage at aged 105 if its buy to let but for residential you must pay it off by 75.:D

Caring sharing mutuals - you cannot beat em!

http://www.telegraph.co.uk/finance/personalfinance/investing/buy-to-let/11510753/Buy-to-let-investors-get-mortgages-till-theyre-aged-105-while-ordinary-homebuyers-are-too-old-in-their-50s.html

fashionvictim

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?

Our high street lender - said we can only have 24 years on our next mortgage as my partner is 41. I am younger than him, but didn't seem to matter. They did ask when we both intended to retire and reference the changing state pension ages and then seemed to ignore it!? We already have a 25- year term mortgage with them but have had that nearly 5 years.

It's funny because I had joked about him being old and I think he was shocked that it was actually true (so was I ) :rotfl: