mortgage for oaps

ethel74

Need advice please. Who can I talk to about an elderly relative who was given a 25 year mortgage when aged 75? Basically, should they have been given the mortgage? Many thanks

betmunch

If they could afford the mortgage based on the lenders calculations and the lender had no maximum age then theres no reason why they shouldn't have had the mortgage.


I assume this is before the credit crunch as I cant think of a lender that has no maximum age now.


Whats the problem that has come to light?

Mojisola

ethel74 wrote: »

Who can I talk to about an elderly relative who was given a 25 year mortgage when aged 75?

Basically, should they have been given the mortgage?

Should they have asked for a mortgage that wouldn't be paid off until they were 100?

sinizterguy

ethel74 wrote: »

Need advice please. Who can I talk to about an elderly relative who was given a 25 year mortgage when aged 75? Basically, should they have been given the mortgage? Many thanks

Was this individual aged 75 mentally competent to make their own financial decisions ?

If not, why didn't you or someone else help them at that point ? Why don't they have a carer?

If they made that decision to apply and the lender looked at everything and thought that they could repay the mortgage, why are you questioning something that you're not party to at all ?

Or do you suppose the banks and other financial institutions must employ people to babysit individuals' finances ?

Let_Us_See

sinizterguy wrote: »

Or do you suppose the banks and other financial institutions must employ people to babysit individuals' finances ?

In a fashion that is exactly what we do. A residential mortgage is a regulated product and advisers are charged with providing advise and making a recommendation. I would have no problem arranging a suitable mortgage for a 75 year old if guaranteed income and all other criteria stacked up. However, recommending a 25 year term for a 75 year old is rather unusual.

antrobus

ethel74 wrote: »

Need advice please. Who can I talk to about an elderly relative who was given a 25 year mortgage when aged 75?....

Anybody you like. It's a free country. Of course, your elderly relative might get a bit naffed off with you for bandying their business about in public.:)

ethel74 wrote: »

... Basically, should they have been given the mortgage?....

Don't know. Your initial post is a bit short on detail. What reason do you have for thinking that they shouldn't have been given the mortgage? Has something gone wrong? Is the elderly relative struggling to meet the repayments? Has the house fallen down? A few clues might help.