Age discrimination and Mortgages

dunstonh

A large well known high street mortgage lender is refusing to renew my buy-to-let mortgage because of my age- I'm 70.

Mortgages do not have a renewal point. They have a fixed term set at the outset and when you get to the end of that term, they expect repayment.

I cannot get another mortgage because of my age and the lender is now threatening to take my property away.

When you get older, your income generally drops. So, its not likely to be due to age but due to affordability.

Are there legal grounds for age discrimination?

no.

Is there anything I can do?

try another lender and try to understand why they are rejecting you to see if there are potential issues in your financial situation.

tlc678910

I agree with the OP that it is not right that mortgages discriminate on age.

The comments asking how the OP will afford it are addressing the different issue of affordability and of course mortgages have to discriminate on affordability, but affordability should be assessed without dismissing someone because of their age.

Many older people have very good incomes these days for example based on high earning final salary pension schemes.

Tlc

leespot

tlc678910 wrote: »

I agree with the OP that it is not right that mortgages discriminate on age.

The comments asking how the OP will afford it are addressing the different issue of affordability and of course mortgages have to discriminate on affordability, but affordability should be assessed without dismissing someone because of their age.

Many older people have very good incomes these days for example based on high earning final salary pension schemes.

Tlc

At the age of 70 it is highly unlikely that anyone will lend a full term mortgage to the OP. The lenders have to be realistic - there is every chance they could be left with a property to sell (and the associated costs and hassle) to recoup their investment. Borrowers also have to be realistic - I personally won't want a mortgage outstanding when I reach 70.

minimike2

You took out a mortgage, which we can assume from the post is interest only, over an agreed time, at the end of which you agreed you would repay in full.

That's the long and short of it.

As stated above, if you need to borrow again to repay it, engage a mortgage broker.

leespot

Or sell the house and settle the mortgage

Thrugelmir

Jarad wrote: »

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

Covers the interest however the debt is still to repaid. You signed a contract to repay the debt by a given date. What provision did you make?