Loans - retirement age but....

poppasmurf_bewdley

moneyistooshorttomention wrote: »

As in - I am retirement age and duly retired (ie woman over 60).

The "but" is I've got a revised State Pension Age that is older than 60:mad::( and haven't quite reached that age yet.

So you are not at retirement age yet.

moneyistooshorttomention

meer53 wrote: »

If it's not necessary why not wait until you can afford it ?

Did you have to retire at 60 or could you have carried on working ? I have no intention of retiring at 60, my retirement age is 66, i'll work as long as i possibly can.

I loathed that job with a passion one way or another and had had to work solidly full-time ever since leaving school at 18 (bar periods of unemployment). Hence my decision that I'd done my 40 years (and more) and I decided not to let Government decisions affect my plans.

I'm not asking whether people agree with me that my retirement age is my retirement age - or whether they think its my (revised) STATE Pension Age. Some people agree with me. Some don't. Either way its not relevant to my question.

In the event - I was told that everyone in my grade had been made redundant subsequently - so I wouldn't have been able to work to my revised SPA anyway if I'd chosen to (mind you - I missed out on a redundancy payment with that - oh well:(). I couldn't have done any different to what I did do realistically.

moneyistooshorttomention

I don't feel any nearer to getting the answer to my question - which is:

"Will a loan company accept that my income is what it will be very soon now (ie when the State portion of my pension turns up belatedly)?". It is pretty soon now - but this house item is becoming urgent.

I would think I could provide the proof to a loan company of when I get the rest of my income back again and how much it will be and be assessed on that (rather than this temporarily lower income).

libf

The loan company will work with your income now.

Goldiegirl

libf wrote: »

The loan company will work with your income now.

^^This

You mentioned that you get your state pension in a few months time, so you'll need to wait for the pension to start before lenders would include it in their calculations.

As it's only a few months, in the great scheme of things, it's not really that long to wait (although I don't know what this thing is you want to buy, but as long as the house is habitable, I can't imagine anything that can't wait a few months)

somethingcorporate

Is there a reason you just won't say what it is?

Unlikely on such a low income that you would get a credit limit on a 0% CC anywhere near enough to cover this. Could consider a remortgage buy not only for £5k.

I think you will ultimately have to be patient.

scaredlady

It is not a case of people agreeing with you retiring early or not.
Where they raised the pension age it was your choice to still retire at 60, you could have carried on working, until you were made redundant.
As regards your loan-I am in the same position (except I stopped before I was 60) ie my work pension is so low that I do not pay tax.
whoever you applied for a loan with , will want to know your income NOW..not in a few months.
So if you want a loan you will have to wait until your state pension starts.

andyfromotley

you may still struggle for affordability when you get the state pension given that the state pension isn't very much.

Given your reluctance to tell us what the purchase is for i'm reduced to guessing. Its a major item.......not strictly necessary ...............but will vastly improve the amenity of the house. I'm fairly sure that its a Half Pipe for skateboarding??

[Deleted User]

im 56 the dap wrote to me last year advising that my retirement age would be 66,i assume they write to everybody especially as there are changes happening still

missbiggles1

andyfromotley wrote: »

you may still struggle for affordability when you get the state pension given that the state pension isn't very much.

Given your reluctance to tell us what the purchase is for i'm reduced to guessing. Its a major item.......not strictly necessary ...............but will vastly improve the amenity of the house. I'm fairly sure that its a Half Pipe for skateboarding??

We have no way of knowing how much the OP's SRP or whether she'll get more than the basic. SRP can be up to around £250pw.