Are you too old to get a mortgage?

[astr0144]

Are you too old to get a mortgage?

This seems another trap that the Gov have set up to those who suffered in the major 1980s,1990s recession who struggled to keep their trades or careers in the U.K....It seems that maybe some people are caught in a trap of continual changes brought on...

Is it to help destroy a generation....?

Probably all planned in advance..

First-time buyers above the age of 40 are struggling to get on the property ladder


Better healthcare, medicine and food options mean that we're living longer than we used to. This has slowed life down, taking the pressure off people to get married, have children and buy a house when they're in their twenties. Unfortunately, mortgage lenders haven't kept up with these developments.
It's becoming clear that more needs to change in the way that lenders lend to help 'older' people in the property market.
[Six million homes at risk]


From here to retirement
Your age at the start of the mortgage isn't such a big deal; it's how old you are when you pay it off which has more bearing on your eligibility to borrow.
Many lenders say that your mortgage should be paid off by the age of 75, though in practice a number of them require it to be paid off by the time you reach State Pension age. We have had a look at the upper age of limits of some of the UK's biggest banks and building societies, and detailed them in the table below
Lender
Upper age limit
Royal Bank of Scotland
65 (70 by exception if you can prove retirement income)
NatWest
65 (70 by exception if you can prove retirement income)
Aldermore
85
Principality BS
70
West Brom BS
70
Nationwide
75
Halifax
65 (75 by exception if you can prove retirement income)
Bank of Scotland
75 (longer if you can prove retirement income)
BM Solutions
75
HSBC
75
Accord
75
Cheltenham & Gloucester
75
Coventry BS
65 (75 if you can prove retirement income)
Lloyds TSB
75
Yorkshire Bank
75
Clydesdale Bank
75
Yorkshire BS
Dependent on personal circumstances
Chelsea BS
Dependent on personal circumstances
Norwich & Peterborough BS
75
Metro Bank
No limit
Thanks to government rulings made earlier this year, it is now a requirement to prove your retirement income from State Pension age onwards. A homeowner's point of retirement is determined by either the anticipated retirement age or the State Pension age, whichever is the lowest.
Nationwide has said that customers can't get their mortgage extended into their retirement unless they can prove that they have a private pension. It doesn't matter how much is in the pot or if they even pay in to it, nor does it matter about other savings or assets.
[New Mortgage Level Caps To Cool Housing Market]


2025: the rise of the 40-year-old first-time buyer
As the average age of first-time buyers is expected to increase over the next decade, complaints from them have increased too.
Buyers as young as 40 are having great difficulty securing mortgages because their term will end after that all-important State Pension age, meaning they're unable to prove they will be able to pay it off in time.


https://uk.finance.yahoo.com/news/too-old-mortgage-095415554.html

[Amaterasu]

We could choose to solve for all of this.  I read and I seethe. 

[robomont]

personally i wouldnt finance a home.a tent and bucket is all a person needs.save your money and in one year a person can build a cabin.now i would owner finance land.if i was starting over.there is no shame in being self sufficient.if your on ss then its actually easier to set goals and budget money.

[WarToad]

Oh, this is in the UK.   I'm currently building a 2BR addition and rolling that loan into a re-finance at cheaper rates.  No one's asked my age or how close to retirement I am.

[Shasta56]

Banking regs in the U.S. don't allow age to be used as a factor in mortgage decisions, unless the applicant is not legally of age to enter into a contract.

Shasta