My Mum would be 92 years old when the mortgage is paid?

georgegulval

Hiya

I wonder if you could help, My Mum is 77 and was sold a Mortgage by Nationwide.

She has £50,000 outstanding on a repayment mortgage.

The mortgage is due to end September 2030 meaning she would have to live until 92 years old to pay it off.

Surely this should never of been allowed.

Can anyone advise please

Thanks

dunstonh

Surely this should never of been allowed.

Why not?

I wonder if you could help, My Mum is 77 and was sold a Mortgage by Nationwide.

or put it another way, she bought a mortgage.

Perhaps you should ask her what she did with the £50,000 that she borrowed.

sandsy

Are you saying they should have discriminated against her because of her age?

What about her ability to pay the mortgage repayments?

enthusiasticsaver

Some lenders refuse to lend past 65 or 70 and some are quite happy to. Her ability to repay in retirement may or may not be problematic depending on her pension. My mum's pension is actually more than my and DH pay combined!


When did she take the mortgage out and what was it for? Did she not consider how she would pay it in retirement?

Goldiegirl

You haven't said that she's having trouble meeting the payments, so I'm not sure what the problem is?

If you are worried that she will die before the mortgage ends, the executors would sell the property to repay the mortgage, or the mortgage could be taken over by someone else.

Thrugelmir

georgegulval wrote: »

Hiya

I wonder if you could help, My Mum is 77 and was sold a Mortgage by Nationwide.

She has £50,000 outstanding on a repayment mortgage.

The mortgage is due to end September 2030 meaning she would have to live until 92 years old to pay it off.

Surely this should never of been allowed.

Can anyone advise please

Thanks

What's your aim? Compensation or the debt written off. Or the fact that your potential inheritance is at risk.

Age does not mean that people aren't capable making rational decisions. Spending ones own money and enjoying it while one can is not a crime. As you cannot take it with you when you visit the Great Gig in the Sky.

Let_Us_See

georgegulval wrote: »

Surely this should never of been allowed.

Personally, even if a person has sufficient income in retirement to service the loan, I have never come across a High Street lender willing to extend a standard residential mortgage to an applicant's 92nd birthday.

How old was your mother when the mortgage commenced, and did she have sufficient income at that time to service the mortgage (especially if she was already in retirement)? Was the mortgage taken out via lender or an adviser?

Strange smell to this post!

betmunch

Cant see the OP coming back to answer this one.


Either a troll, or realised his mum made her own decision.

Let_Us_See

betmunch wrote: »

Cant see the OP coming back to answer this one. Either a troll, or realised his mum made her own decision.

His mother should never have had the option of making this decision. Can't see any underwriter accepting this scenario.

betmunch

I'm pretty sure before 2007 there were plenty of lenders that would have done this.


Hard to remember back then as I wasn't advising, but was in the industry, if it was affordable in retirement then no need for a maximum age.


When the mortgage was taken out, and what it was for, would be good to know

Thrugelmir

Let_Us_See wrote: »

His mother should never have had the option of making this decision. Can't see any underwriter accepting this scenario.

You can never be sure. Some people have perfectly adequate guaranteed sources of income. Not everyone wishes to leave money behind either.