Mortgages until 80 or older !

[unclebulgaria67]

What do people think about Banks now offering Mortgages to people aged 80 or older ?

 

Woolwich are now offering mortgages up to age 85.

 

What are the implications ?

 

Can people in retirement afford to continue paying mortgages ?

 

What happens when retirement income is less than thought, causing people to have difficulties with repayments ?

 

Will Banks be more considerate to older people when considering repossession ?

 

Does it matter if older people die leaving a house with a mortgage ?

 

How is life Assurance affected ?

[Tawnyowl]

What do people think about Banks now offering Mortgages to people aged 80 or older ?

Woolwich are now offering mortgages up to age 85

 

I foresee a few losses.

 

What are the implications ?

 

A few i should think.

 

Can people in retirement afford to continue paying mortgages ?

 

With big pensions i suppose some will,but if not got a house by mid 40s or 50s maybe time to think hard about such commitments.

Remember the subprime days when mortgages were offered to all,ending at whatever age.And what happened.

 

What happens when retirement income is less than thought, causing people to have difficulties with repayments ?

 

Unless plenty of equity in house,the usual i suppose,charging orders,repossessions possibly.

Can you imagine that,talk about stress etc.Does not bear thinking about.

 

Will Banks be more considerate to older people when considering repossession ?

 

Are they ever considerate where money is involved unless you have plenty to begin with.

 

Does it matter if older people die leaving a house with a mortgage ?

 

Unless Equity built up or insurance which would cost plenty to a pensioner,to the bank it would.

 

 

How is life Assurance affected ?

 

A hard one,will insurance companies make plenty or take losses.

I suppose underwriters will have this all worked out.

 

Just thought i would have a crack at your thread.I like threads to be answered if possible.

Nice one unclebulgaria67.

[honeybee13]

I'm not sure it will go well, UB, although I guess they've done their figures.

 

My husband's father died in his mid-80s owing about £35k in personal loans from two high street banks. They only lent the money a couple of years before he died, maybe less than that. They don't seem to have considered his income and outgoings or his health, which wasn't good.

 

As they lent in FiL's sole name and he only left a jointly owned house, they've got nothing.

 

I know this is personal loans and not mortgages, so I imagine there would be a charge on the house, but I'm trying to illustrate that they don't go into much detail before lending.

 

HB