Age discrimination and Mortgages

Jarad

A large well known high street mortgage lender is refusing to renew my buy-to-let mortgage because of my age- I'm 70.
I cannot get another mortgage because of my age and the lender is now threatening to take my property away.

I've never missed a payment and have an excellent credit score.
Are there legal grounds for age discrimination?
Is there anything I can do?
Thanks

[Deleted User]

Jarad wrote: »

Are there legal grounds for age discrimination?

No. .

kathrynha

Banks are supposed to lend responsibly.
Offering a mortgage to someone who is unlikely to outlive the end of the loan would be irresponsible.

AnotherJoe

Try another lender?

csgohan4

you will get no rewards for paying your bills on time/ Your credit score is meaningless.


How do you intend to pay the mortgage when you retire?? Not every will have enough equity when they sell

Jarad

The mortgage is on a property I rent out. The rent pays the mortgage and has always done so.

pjcox2005

I think the point is around the impact of periods for whatever reason of the property not being rented out. If that's the case and this was for a long period of time, then it becomes a factor for the bank on your age and unlikely to be working (although granted you may have even better pensions etc).

leespot

Is it an interest only mortgage?

Guest101

Jarad wrote: »

The mortgage is on a property I rent out. The rent pays the mortgage and has always done so.

What if your tenants stop paying the rent?....

ACG

There are some lenders who will go to age 75 through to around 85 but the majority of those are not high street lenders.

If your struggling speak to a broker?

Neutrinno

No, of course there is no room for legal grounds due to a lender choosing to lend their own money responsibility.

Speak to a broker who can consider other lenders. There are lenders available that don't have any age restriction on the term of the mortgage on buy to lets, so I am sure you can get this sorted.