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Retirement date for mortgage applications
eurobabe
Posts: 109 Forumite
Are the majority of mortgages set up with the consideration that a male applicant will retire at 65 or are the mortgage companies coming around to the fact that the majority of us will retire later than this, for instance state pension ages have increased? Understand there are mortgages where you can have a later retirement age and the fact is the retirement age for alot of us is going to be beyond 65 now.
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The last time I applied, I was asked when I intended to retire. I don't think there's necessarily any presumption in place.0
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Most lenders are ok with retirement ages up to 70 in the main, some will go to 75 or higher in certain circumstances.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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With the state pension later than 65 already. I'd suggest that is the case already. Beyond that, much will depend on the individual application. As there'll be specific underwriting criteria to navigate.eurobabe said:are the mortgage companies coming around to the fact that the majority of us will retire later than this,1 -
My mortgage retirement age is 70. Just needed to request this and provide some vague justification as to how I would be paying if I stopped work sooner.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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That was what I was hoping that the industry have accounted for people retiring later now, due to state pension being later. Just didnt want to apply for a later state pension date and find mortgage company wont take me or find the market sparse for retirement age after 65.Im looking to apply for a mortgage with retirement age of 67.Hoenir said:
With the state pension later than 65 already. I'd suggest that is the case already. Beyond that, much will depend on the individual application. As there'll be specific underwriting criteria to navigate.eurobabe said:are the mortgage companies coming around to the fact that the majority of us will retire later than this,0 -
We just had to sign a statement saying we knew it would take us beyond 70years and if we were happy with it. We fully intend to pay off in 8 or 9 with overpayments though.2006 LBM £28,000+ in debt.
2021 mortgage and debt free, working part time and living the dream1
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