Loans - retirement age but....

Norfolk_Poppy

missbiggles1 wrote: »

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.

Can it? How's that work?
I'm receiving the State Pension, paid in full contributions since age of 19, why don't I receive more?

poppasmurf_bewdley

Norfolk_Poppy wrote: »

Can it? How's that work?
I'm receiving the State Pension, paid in full contributions since age of 19, why don't I receive more?

You have to look up your contributions under SERPS (State Earnings Related Pension Scheme).

The more you earned, the more NI you paid, and the higher your State Pension.

My State Pension is £193 per week.

moneyistooshorttomention

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??

Half pipe for skateboarding:rotfl::rotfl:. Nope - my sportier interests centre round dancing and walking. Do not pass Go. Do not win prize:rotfl:.

Anyways - I am due for a full State Pension okay and a bit of SERPS as well (not a lot - after the couple of cuts a previous Government made in order to pay less to people:() and all of about £1 a week "Graduated Pension" (cue for "Don't spend all that at once"). All my pension together will equate to a fairly similar amount to what I earned while still working. Not a luxury standard of living - but reasonable I guess...

It does rather look like I might have to try and "hang on in there and wait":(. I guess I was thinking along lines of having been able to borrow the relevant salary multiple towards the mortgage I took out on my starter home many years back now based on the salary I was going to have in a few months time (rather than the one I had at that exact moment). I'd thought maybe a similar set-up applied - but doesn't look to be the case. Back then - the salary multiple was 2.5 times present salary and I managed to borrow 3.5 times future salary - and it all worked out as per plan and every mortgage payment made as arranged.

Transformers

A mortgage is a secured debt so is not comparable to an unsecured loan.

I don't get why you use so many words to say very little - basically, you need a loan but earn less than £10,600 but want to borrow up to £5,000.

At this point, that is all the lender cares about - plus whether you have a good credit record and they'll want to know the intended use for the money.

So, you want to borrow circa 50% of your current annual income... I don't see a lender being prepared to do that for a low income applicant.

Why is it so pressing to do this now when your pension is only "months" away? Is it a hole in the roof, a new boiler, double glazing? Why the need for secrecy?

moneyistooshorttomention

I have an absolutely perfect credit record.

But - I have gathered now that I have to wait regardless.

So - theres no more to say about it then..

dealer_wins

It was for an Aga.

silverwhistle

At one stage I was thinking a woodburner, so not too far off, and then I thought solar pamels as the FIT is being reduced very soon..

OK, so now we know, what fuel do you intend to use? Can you get a second hand/reconditioned one? Are there alternative cheaper brands: Esse rings a bell? What is it about an Aga that appeals in your circumstances? I bought a wood-burner last year and will fully admit that the decision was emotional and not economic! Funnily enough it has saved me money on fuel and given me useful exercise preparing wood.;)

David301

An Aga?? we just went through all this for an Aga??

I was thinking the poor person had sewage pouring through the ceiling!

missbiggles1

poppasmurf_bewdley wrote: »

You have to look up your contributions under SERPS (State Earnings Related Pension Scheme).

The more you earned, the more NI you paid, and the higher your State Pension.

My State Pension is £193 per week.

And S2P.

Mine's about the same as yours, despite being contracted out for around 10 years and never earning more than the national average.

missbiggles1

David301 wrote: »

An Aga?? we just went through all this for an Aga??

I was thinking the poor person had sewage pouring through the ceiling!

Definitely a case of first world problems!