We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Lending into retirement age
pepperpop
Posts: 37 Forumite
My hubby and are are using a broker as wish wish consolidate debt (new ltv would be 78%). I have posted before but as things have now changed felt I need to get further advice.
Earning slightly complex
basic combined employed earning for both of us (had jobs over 10 years) £42100
Hubby has consistently earned another £3000 per year for the last 10 years in overtime etc. I get bonuses of £850 each year and also work extra hours averaging £2500 last couple of years also child benefit of £137 pm - 2 dependants aged 11 and 14.
Initially approached Accord as broker said we had plenty of income to play with - we were declined - Broker said Accord said we had too higher debt to income ratio (we adding the debt to our mortgage so didn't really understand).
Anyway broker is now trying with Clydesdale over a term of 27 years which would take us into our 70s, I queried this with our broker and asked if they would need proof of income at retirement age and why the longer term. He said the longer term was for affordability and that and that they lend to 75 regardless of pension? Our plan would be to overpay to bring term down. So far we have had valuation, Clydesdale legal team been in touch, valuation all ok. Have come back today for most recent pay slips... Im just concerned about the term of the mortgage and them accepting us - We have no CCJs or anything but maxed out on credit cards ((which i know isn't good). No late payments of anything either - would appreciate any guidance re the term of loan and clydesdale???
Earning slightly complex
basic combined employed earning for both of us (had jobs over 10 years) £42100
Hubby has consistently earned another £3000 per year for the last 10 years in overtime etc. I get bonuses of £850 each year and also work extra hours averaging £2500 last couple of years also child benefit of £137 pm - 2 dependants aged 11 and 14.
Initially approached Accord as broker said we had plenty of income to play with - we were declined - Broker said Accord said we had too higher debt to income ratio (we adding the debt to our mortgage so didn't really understand).
Anyway broker is now trying with Clydesdale over a term of 27 years which would take us into our 70s, I queried this with our broker and asked if they would need proof of income at retirement age and why the longer term. He said the longer term was for affordability and that and that they lend to 75 regardless of pension? Our plan would be to overpay to bring term down. So far we have had valuation, Clydesdale legal team been in touch, valuation all ok. Have come back today for most recent pay slips... Im just concerned about the term of the mortgage and them accepting us - We have no CCJs or anything but maxed out on credit cards ((which i know isn't good). No late payments of anything either - would appreciate any guidance re the term of loan and clydesdale???
0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.1K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards