Mortgage running past retirement age

EllaBella64

Has anyone complained that they were miss sold their mortgage, as it wasn't explained clearly to them that they would be retired before they'd have paid it off?
Obviously I knew this at the time I took my mortgage out, but my mortgage lender has offered to review the information that they gave me (so I'm acting clueless) and I was just wondering whether some compo could be coming my way?!

dimbo61

Why do you think your due Compo ?
Can you add up ? OH I am now 50 and the mortgage company has offered me a mortgage till I am 70 which is 10 years after I get my old age pension at 60 but then the government decides to increase pension retirement for women to 65/66/67 or 68.

glosoli

Doubt any compensation will be coming your way. It will more likely be a case of "you need to increase your payments by £000's to have the mortgage paid off by retirement".

SpiderLegs

EllaBella64 wrote: »

Has anyone complained that they were miss sold their mortgage, as it wasn't explained clearly to them that they would be retired before they'd have paid it off?
Obviously I knew this at the time I took my mortgage out, but my mortgage lender has offered to review the information that they gave me (so I'm acting clueless) and I was just wondering whether some compo could be coming my way?!

There’s nothing wrong with a mortgage continuing past retirement date.

How much compo are you expecting to receive for this non-issue?

BoGoF

Acting clueless probably involves no work for the OP.

[Deleted User]

EllaBella64 wrote: »

Has anyone complained that they were miss sold their mortgage, as it wasn't explained clearly to them that they would be retired before they'd have paid it off?

It's tricky, this 'add 25 years onto my current age' stuff, isn't it?

kingstreet

What retirement age did you enter on the application?

What age will the mortgage expire?

dunstonh

Has anyone complained that they were miss sold their mortgage, as it wasn't explained clearly to them that they would be retired before they'd have paid it off?

Yes they have tried. Most get rejected. Usually, all it takes is for the closure letter to state that it is going past retirement as a risk warning and a documented plan. Such as "using the tax free cash from the pension to pay the remaining balance at retirement but going with longer term to keep the monthly payments down". Or "pension has been checked and is sufficient to continue affordability of the mortgage in retirement".

If those are missing then they are on a sticky wicket.

Obviously I knew this at the time I took my mortgage out, but my mortgage lender has offered to review the information that they gave me (so I'm acting clueless) and I was just wondering whether some compo could be coming my way?!

You would have to act clueless for it to work. After all, you are admitting that you cannot count.

The last case I saw at the FOS that was upheld was that if the person agreed to shorten the term to finish at or before retirement age, the lender would pay to put the person in the position the mortgage would have been with the higher monthly repayment. However, going forward, the borrower would have to pay the higher payments due to the shorter term. If they didn't the lender didnt have to pay anything.

dunstonh

BoGoF wrote: »

Acting clueless probably involves no work for the OP.

And this is the problem with the regulated complaints system and FOS. People do and say one thing but when they complain they play dumb and deny everything.

The FOS is generally very liberal and cannot believe that people would make things up.

Typhoon2000

There is no fixed retirement age. You can choose to retire when you want.

csgohan4

how have you been mis sold? Do you remember what you were told years ago


More importantly did you not read the T+C before you agreed and signed?