Mortgage past retirement

**laura**

Hi, my mum is 55 and currently has a mortgage on her property with my husband named too (done initially for affordability). We would like to get my husband off ASAP as we have had various issues of our own and the thought of this affecting my mum scare me! However the problem is that (even though she pays all the mortgage now) there is no way she would pass affordability based on the current repayments. Even though my husband is on the mortgage they would only allow the mortgage over the period of time based on the older applicants retirement date.
To get mum one on her own it would need to be agreed past 65, is anyone aware of any lenders that do this? And if so what proof of income past this age would they need?

AnotherJoe

Yes, up,to 75 and possibly even more is getting much more common, however will your mum plan to work that far, and will she be able to afford it if she does stop working amd take a pension? If her pension was large enough that would be OK.

Thrugelmir

**laura** wrote: »

And if so what proof of income past this age would they need?

Guaranteed pension income or lump sum there from.

Verix

At the risk of sounding like almost every other post on here I think you should speak with a broker. Lender policy varies quite a lot on this sort of thing; some lenders will just accept seeing that your mum pays in to a pension scheme and ask for no more than that, most others will want a fair bit more.

Thrugelmir

Verix wrote: »

Some lenders will just accept seeing that your mum pays in to a pension scheme and ask for no more than that, most others will want a fair bit more.

The scheme would already have to substantial assets or have considerable accrued benefits to fund the outgoing.

amnblog

On a standard mortgage lenders will want the case to be affordable on the provable post retirement pension.

No proof, no mortgage.

If mum is going to work past 65 to the end of the mortgage term some lenders will consider her to 70 or 75 (unless she's a hod carrier or similar occupation).

If the message here is that you do not want your husbands creditors coming after mum's house, it is not a simple as taking him off of the paperwork. Get some legal advice first.

Verix

I can think of a couple of lenders I've spoken to who will take people to age 75 based on seeing evidence they are paying in to a pension. This is without specific proof of the pension amount they will receive when the pension actually kicks in. Again, not exactly common but possible. Don't think it is likely post age 75.