mortgage and no statement on final salary pension

stu12345_2

if youre older and want a mortgage that takes you beyond 67, and you have 2 pensions.an auto enrolment pension and a db pension deferred from 20 yrs ago.
my db pension dont do yearly statements only an estimate based on rpi at 5 % till 65. which i got back in 1995. rpi hasnt been 5%, so i dont know what it will pay out at 60 or 65.
so how do you show a bank, what you will get at 65 and also show bank what your auto enrolment pension is worth, if you vary amounts and want to take it at a non specific age. eg unknown if its 55 or 65 ill take it depends on growth.

kingstreet

You'd need establish what you have to provide that particular lender requires.

It isn't the same for all of them.

stu12345_2

so is it a hurdle that wages are lower cause i contribute to a dc pension, hence low wages towards loan, but get pension yrs down line to help pay mortgage.
or dont pay towards pension, hence bank sees i have more wages at end of week towards mortgages.
i have a db statement from 1995 that says my gmp grows 7 %, non gmp rpi5%. estimate at 65 3700 a yr plus 11400 lump sum., in nearing 50 at mo.

stu12345_2

can i add, like i said in a previous forum question, i rent council right to buy 70% discount with partner, both work, estimate rtb price 25000,
if i carry on renting estimate total rent with free repairs upgrades etc 70000 till aged 67.

i am likely to inherit my parent's home worth 100000 as im on the will. my parent said dont buy, but buy cash when they pass away.but i could buy, and if sadly she did die, i would just do early settlement on loan.

obviously bank dont count will as a source to pay off mortgage

kingstreet

Couldn't agree more. !!!!!!?

stu12345_2

so if im paying 45 a week to dc pension, then thats 45 less towards mortgage, will bank see it that way or will they see it as a growth investment that i use in yrs down the line to clear mortgage.

but banks like isaid want yearly db statements, but provider said only 12 months before retiring can they give me one.

surely a bank can calculate what it would pay out today calculating rpi over last 20 yrs, plus the gmp increase to at least get a min starting figure for 2015 value

kingstreet

It varies from lender to lender.

You need to ask your chosen lender about its processes.