Repayment mortgage for 68yr old.

fababelsa

I am 68yrs old.my mortgage deal with Santander comes to an end in May 2025.i have to pensions and I work permanently for the NHS as a nurse. I want a repayment mortgage until I am 80yrs old .I don't want equity release or lifetime mortgages as it seems like I could be paying out a lot of money and then still have to sell part of my HSE when I die or move into care home. I have an income of approximately £  51,0000 per year.where can I get a mortgage till 80yrs old.?

fababelsa

I meant two pensions as well as salary.

teaselMay

Barclays I noticed do mortgages to 80 

MWT

How much do you need to borrow with this repayment mortgage?

I would strongly suggest talking to a broker or financial advisor dealing with retirement products though as you may be missing out on some better alternatives...

grumpy_codger

I'm 67 and was approved for a joint 12-year mortgage with Halifax/Lloyds based on my two pensions (I work ATM plus one pension, but am going to retire soon). Applied directly.

Barclays underwriter (some idiot) insisted on both pensions to be claimed first. I could do this, but didn't want to.

Hoenir

grumpy_codger said:

Barclays underwriter (some idiot) insisted on both pensions to be claimed first. I could do this, but didn't want to.

Lenders money. Lenders rules. 

grumpy_codger

Hoenir said:

grumpy_codger said:

Barclays underwriter (some idiot) insisted on both pensions to be claimed first. I could do this, but didn't want to.

  Lenders rules. 

That's why I changed the lender - their loss, not mine.

However, I hate such statements. Rules have to make sense, but sometimes they are made by idiots. Yes,  rules have to be followed, but this doesn't mean that they can't be questioned or judged.

Also, it's not a fact that the underwriter's requirement was based on the rules, not on their idiotic interpretation of the rules. First I dealt with Barclays mortgage adviser that is supposed to follow the same rules.

Hoenir

grumpy_codger said:

Hoenir said:

grumpy_codger said:

Barclays underwriter (some idiot) insisted on both pensions to be claimed first. I could do this, but didn't want to.

  Lenders rules. 

That's why I changed the lender - their loss, not mine.

Not their loss at all. Risk management is a key part of financial management. Given the billions of pounds that are lent for mortgages. Rules have to exist at the macro level. Not the micro level that the borrower views them from.  Time costs huge amounts of money. Any profit can soon get eaten up. 

grumpy_codger

Hoenir said:

grumpy_codger said:

Hoenir said:

grumpy_codger said:

Barclays underwriter (some idiot) insisted on both pensions to be claimed first. I could do this, but didn't want to.

  Lenders rules. 

That's why I changed the lender - their loss, not mine.

Not their loss at all. Risk management...

In this case it is. Fact. 

What risk?

There was no any extra risk. Quite the opposite - pension (state one) is a more reliable income than salary.

I'm still working with a big salary, but am going to retire soon. My state pension is deferred to avoid paying big income tax on it. It can be claimed at any instant and even backdated. The adviser knew all the facts.

Hoenir said:

  Rules have to exist at the macro level.

Yes, they have to exist, but they do have to make sense. And I have right to call these rules stupid (and people who blindly follow them without questioning). Idiots can be found everywhere, including "at macro level".

kingstreet

fababelsa said:

I am 68yrs old.my mortgage deal with Santander comes to an end in May 2025.i have to pensions and I work permanently for the NHS as a nurse. I want a repayment mortgage until I am 80yrs old .I don't want equity release or lifetime mortgages as it seems like I could be paying out a lot of money and then still have to sell part of my HSE when I die or move into care home. I have an income of approximately £  51,0000 per year.where can I get a mortgage till 80yrs old.?

A broker will be best-placed to establish the best lender options for you. Most lenders will work only from retirement income once you are within ten years of state retirement age and will ignore your earned income making your affordability lower as a result.

grumpy_codger

kingstreet said:

fababelsa said:

I am 68yrs old.my mortgage deal with Santander comes to an end in May 2025.i have to pensions and I work permanently for the NHS as a nurse. I want a repayment mortgage until I am 80yrs old .I don't want equity release or lifetime mortgages as it seems like I could be paying out a lot of money and then still have to sell part of my HSE when I die or move into care home. I have an income of approximately £  51,0000 per year.where can I get a mortgage till 80yrs old.?

 ... Most lenders will work only from retirement income once you are within ten years of state retirement age and will ignore your earned income making your affordability lower as a result.

And this does make sense, but not to the above Barclays' underwriter.