older mortgage applicants

littlemisssunshine0311

I have applied for a joint mortgage with my partner, who is 8 years older than me. Due to the fact that he will retire in 12 years time they are only prepared to offer us a 12 year mortgage. they have said that they may be able to extend the term to the 17 years if we can provide proof that we have a pension that will cover the mortgage. As I will still be working for the extra 5 years we would like will they take that into consideration? and what proof of pension would we need to provide as obviously at this moment we wouldnt know his exact pension pot.

maninthestreet

If you have a company pension, do you get annual statements that show the value of the pension pot and the annual pension that will be paid on retirement?

*~Zephyr~*

Try a different lender? Some are prepared to lend to later in life.

I've just remortgaged and extended the term up to the year my OH turns 75.

littlemisssunshine0311

yes, we do have annual statements, so we should take those with us? I have been trying to find a mortgage lender that would do a mortgage later in life but cant find one. Zephyr who did you remortgage through?

thanks

Senior_Paper_Monitor

Lending past 70 is far, far more difficult now than it was post MMR (Apr 14) - the detail is necessary to evaluate who will lend - the answer often lies with the small specialist lenders (but not always).


I really feel you would be much better off with a broker for this one.

littlemisssunshine0311

my partner would be 70 at the end of the term that we require and I would be 62, so I would still be working. As we would like a 17 year term not the 12 year offered. Its still a possiblity that he will be working til 70 anyway.

*~Zephyr~*

littlemisssunshine0311 wrote: »

Zephyr who did you remortgage through?

thanks

Nationwide. It was a surprisingly painless process too! We originally asked for 15 years because that would take us to OH's 70th birthday and we thought that would be the limit. But they offered to extend it to 20 years and we took it. It's our intention to pay it off within 10 years and the lower monthly payments that the longer term gives us will let us increase our overpayments by sufficient to clear it in 8 years, so I'm well chuffed

Senior_Paper_Monitor

Working to 70 shouldn't be a problem for majority of (but not all) lenders assuming job type doesn't preclude.


If you need/wish to go beyond get a broker on the case.