YOU HAVE YOUR SAY
EVERY week Money Mail receives hundreds of letters and emails about our stories. Here’s what you had to say about our report into banks that don’t let good borrowers extend their mortgage:
Money Mail, February 10
MY HUSBAND is about to turn 60 and, despite having a l arge deposit, we cannot get a mortgage. Even though I’m younger than he is, the bank looks at his age first.
P. F., Chester. I’VE homelive mortgage-freealways ownership thoughtis onceto the be you pointable reach toof retirement.situation whereI wouldI hate was to havingbe in the to borrow more at that stageJ. B., of London.life. I think DON’Tit is understandOK to sell equity-releasewhy banks products,short, interest-onlybut not mortgagegive them— ata least doesn’t with keep the growing. latter the debt
AS LONG as the D. borrowerJ., Doncaster.is makingplan i n repaymentsplace t o and repay there t is he a mortgage, I don’t see why a bank would not agree to a mortgage. They are just making life onerous because they can.
J. S., Sevenoaks, Kent. ANY decision about a mortgage should be based on the person’s ability to repay the loan, not how old they are.
T. N., Surbiton, Surrey. I DON’T generally agree with equity release, but this seems like the sort of situation where it may have to be used if banks aren’t willing to lend.
T. H., Halesworth, Suffolk. RATHER than remortgage in retirement, surely it would be better to just avoid all of this hassle and downsize.
J. N., Devon. PEOPLE are older before they get on the property ladder these days so it’s not surprising if they need their mortgages into their 70s. Banks need to catch up.
V. G., London. I KNOW that most banks have an upper age limit on their mortgage l e nding, but t hey s hould really use it as more of a guide and be flexible depending on people’s circumstances.
J. R., Warwick. PEOPLE berate the banks for their decision not to lend to older people but the real problem is the regulators. The bank probably wants to offer this loan — it’s low risk and it wants the money — but it is scared of putting a foot wrong.
S.R., London.
BANKS REFUSE BORROWERS A MORTGAGE BECAUSE THEY ARE TOO OLD