Mortgage for 60 year olds

Nebulous2

kingstreet wrote: »

You can only use upto 70 as retirement age with Nationwide and if you are within ten years of retirement; retirement income is typically used in affordability as it's the lower of that and earned income.

You are right about 75 as long as they aren't within ten years of selected retirement age (70 max) and have pension conts on payslips or other evidence of pension arrangements.

Thanks - that appears to have tightened since I did it about 16 months ago. I would have been 56, but can't remember what retirement age I gave. Payslips show pension contributions - but they didn't see my pension forecast.

[Deleted User]

Nebulous2 wrote: »

Thanks - that appears to have tightened since I did it about 16 months ago. I would have been 56, but can't remember what retirement age I gave. Payslips show pension contributions - but they didn't see my pension forecast.

at 56 you would be more than 10 years away from state retirement age which they probably set as default. Being more than 10 years they only needed to see existence of pension contributions from private or employer pensions.
If it was less than 10 years they would have requested pension documentation and assessed on retirement income

kingstreet

Deleted_User wrote: »

at 56 you would be more than 10 years away from state retirement age which they probably set as default. Being more than 10 years they only needed to see existence of pension contributions from private or employer pensions.
If it was less than 10 years they would have requested pension documentation and assessed on retirement income

Yip.

As the OP is 60 they cannot be more than ten years to the Nationwide maximum retirement age of 70. Therefore projected retirement income would be used.

Linton

We traded up with an interest only lifetime mortgage that could be coverted to equity release roll-up when we reached an age when that became feasible given the equity %.


To do this it was necessary to demonstrate that we had sufficient income to support the interest payments, either explicitly from SP, annuities, and DB pensions or available as drawdown from pension pots or other assets.