Posted on 20 May 2010 by George Hepburn
Abbey turned down a mortgage application by me because I am 70 years old. I wished to borrow £50000 on a £400000 house and paying the balance of £350000 from the sale of my old house. I would have repaid the £50000 over a 5 year period. So why have they turned me down?
It looks to me like you have been caught between two of Abbey's lending criteria. All mortgages with Abbey have to be repaid before you reach 75 years old and the minimum mortgage term they will consider is 5 years. As you are already 70 years old they couldn't offer you a 5 year term because this would have taken you past your 75th birthday.
Fortunately, there are a few other Lenders who either have a higher maximum age or a lower minimum mortgage term and I recommend that you speak to an independent mortgage broker who will be able to locate these for you.
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