Is it better to keep a mortgage?

lisyloo

No I don!!!8217;t need borrowing, I!!!8217;m just interested in whether I!!!8217;ve understood the position correctly out of curiosity.

goodwithsaving

Lisyloo, if you've made up your mind and are dismissing any advice/other POV (even from respected brokers who are on here) then why even ask!

lisyloo

Gosh not sure where that opinion came from.
Im grateful for all the facts/opinions/answers offered and taking it all on board AND changing my opinion.
No idea at all why you think Im ignoring advice/facts.

Ive seen plenty of threads where people wanted a mortgage going into retirement but couldnt get a term past retirement age even though that often defies logic (pension payments being more guaranteed than work income).

I am merely trying to complete knowledge.
You are wrong to conclude that I am ignoring advice just because I still have unanswered questions.
Its the other way round, I WANT to be corrected. Thats why Im here ! (Sorry bout the apostrophes - must be my iPad)

My outstanding questions are

1) is it usually that you cant get a term past state retirement age
2) if you retire earlier than expected do you just get to keep you mortagage?

Thrugelmir

lisyloo wrote: »

My outstanding questions are

1) is it usually that you cant get a term past state retirement age
2) if you retire earlier than expected do you just get to keep you mortagage?

1. Anything is possible. All down to meeting affordability criteria. Remember losing one partners pension income could have a significant impact on the overall household income.

2. No different to losing ones job or a other change in circumstances. Providing the mortgage continues to be paid. Then the mortgage lender wil take no action as there's been no breach of contract.
.

lisyloo

Thanks for all the answers folk. I will be paying off the mortgage later in the year and will be officially mortgage free - psychologically I like that.