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Age discrimination rant.

 
 
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w3526602
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PostPosted: Thu Nov 21, 2013 8:31 am    Post subject: Age discrimination rant. Reply with quote

Hi,

For good personal reasons we wish to buy a house in MK or NN, before we sell our present house in South Wales. This wood need a mortgage.

Shouldn't be a problem, we have a bigger than average deposit, can show regular savings over several years (more than rhe mortgage repayments would be)and have a secure income ... Sytaste and Civil Service pensions.

Wrong! NOBODY will grant a mortgage that will not be repayed by age 75. In my case thast is next March.

OK, so we will buy a Shared Ownership. We can afford the initial 30% from savings, pay rent on the other 70% until we sell our present house.

Wrong! You cannot buy Shared Ownership if you already own a house. Crazy ..we could give our present house to charity, and still afford,
and be allowed, to to buy a Shared Ownership ... but we ain't going to.

We thought we had done all the right things, stood on our own two (four ?) feet, and prepared for our old age. A family criscis has knocked that on the head. The law seems to be discriminating against us

We all grow old. The same could happen to you.

602

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w3526602
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PostPosted: Thu Nov 21, 2013 8:33 am    Post subject: Reply with quote

Hi,

Please excuse my SPAM finger, dyslexia, and inability to spell.

602

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Xpajun
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PostPosted: Thu Nov 21, 2013 8:57 am    Post subject: Reply with quote

Hi 602,


As I said or indicated in another post you made, you will (or should) be able to get a "buy to let" mortgage:

Find the property you wish to buy in MK

Source a buy to let (interest only) mortgage for it

Move in

Put your present property up for sale when sold use the capital to pay off mortgage
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PostPosted: Thu Nov 21, 2013 9:06 am    Post subject: Reply with quote

Not sure I fully understand your problem. Is a bridging loan not the way people normally deal with these situations?
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rob90
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PostPosted: Thu Nov 21, 2013 9:12 am    Post subject: Reply with quote

I think the problem is that a mortgage lender will not lend due to his age.

Couple of options:

Sell the house you are in at the moment, rent short term until you find another house in the new location

Sell the house you are in at the moment and rent long term, if you have the collateral from the sale of your old house why do you need to buy another?

The general trend in the UK seems to be to own your own bricks and mortar but the continent is the oppostite and a huge amount of people rent. All maintenance would be covered under the rent and if you get fed up in one place then you can move on. You would be able to afford to rent somewhere far better than you would be able to afford to buy.
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( Gray )
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PostPosted: Thu Nov 21, 2013 11:40 am    Post subject: Reply with quote

Do you have a member of the family who doesn't have a mortgage? Children/grandchildren?

You could help them get a mortgage (possibly buy-to-let mortgage) by gifting them your large deposit, they buy somewhere in NN/MK, you rent the property off them until you can sell your house in SWales, then you buy the house off them.
But will the value of your house in SWales be enough to cover the outstanding mortgage in NN/MK?
Or carry on renting off them, have lots of money in the bank and hope they don't evict you.
And hope you live for at least 7 more years to reduce inheritance tax...

http://www.theguardian.com/money/2013/feb/15/he...hild-get-mortgage
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mmgemini
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PostPosted: Thu Nov 21, 2013 11:48 am    Post subject: Reply with quote

Any loan taken out must be re-paid by the age of 75....
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cynic-al
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PostPosted: Thu Nov 21, 2013 2:50 pm    Post subject: Reply with quote

You could sell up then live in a Travelodge like alan partridge.

I think I'm missing something as whenever I've moved I've never had two properties at once, I've found a buyer for mine, found one I've wanted to buy and the solicitors have shuffled all the money on one day regardless of if the money has come from a mortgage, my bank or the money someone is paying me for the property.

That's when you end up sat on the drive in a removals van waiting for 'the phone call'

Alternatively would they accept a guarantor?

It's not age discrimination it's based on calculated risk, like women cost the insurance industry less than men so they pay less, and with black and white facts like that the government would never push a senseless act through just to try and win a few votes...? oh.

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RichardD
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PostPosted: Thu Nov 21, 2013 10:00 pm    Post subject: Reply with quote

There is no logic to this situation and the age limit is not the law!

They are clearly concerned that you croak before paying them back but a codicil to your will would sort that out.

I have a similarly odd one:

I have a mortgage, interest only of say £200,000 but I wish to remortgage now my 3 year fixed rate term has ended. My house is worth say £600,000 and I have income of say £50,000. This should allow me to get a 3 year deal on a 10 year interest only mortgage which will reduce my monthly payments from £700 to £300. Easy so far? Now factor in that 60% of my income is not taxable. Diverse alarums!!!

It seems that because 60% of my income is in the form of director's loan repayment (from taxed profit made by my company) the thieving bartstewards, sorry Banks, will not consider it as income. They require me to pay tax again in order to get a loan from them. The people I speak to in the Banks all agree it is ridiculous but "computer says no!"

You need the advice of a creative IFA I suggest. Either that or rent in the area you want to move to for 12 months then sell your house thus releasing the capital and therefore avoid giving the ***** a penny of interest.

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w3526602
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PostPosted: Sat Nov 23, 2013 3:08 pm    Post subject: Reply with quote

Hi,

Thanks for replies and suggestions. I will try to answer them in chronological order.

<<<Find the property you wish to buy in MK. Source a buy to let (interest only) mortgage for it >>>
Two problems ...

Rent must be 130% of the mortgage payments. Im not sure how to calculate that, but £500 per month rent, would be 130% of circa £80,000 @ 5% (subject my maths), but repayment of capital as wel would halve that sum. Could be great .. if I could do it,

When I did ask about B2L, I was told that it was not avsail;able to 70+. But Limited Companies do not have a Date of Birth. Twisted Evil

<<<[b]Is a bridging loan not the way people normally deal with these situations?>>>[/b]

My bank does not do bridging loans. Their overdrafts are 16%. So £70,000 would cost £933 per month ... and vunerable to Bank Rate changes.

<<<The general trend in the UK seems to be to own your own bricks and mortar but the continent is the oppostite and a huge amount of people rent.>>>

If you buy, the cost is fixed, although subject to Bank Rate, but one day it will be paid off. If you rent, the Land lord is free to evict you at three months notice, and/or he can increase your rent. Rent has no end.

<<<Sell the house you are in at the moment, rent short term until you find another house in the new location >>>

We did that in 1972 (first property boom) The profit from house in South London should have bought us two houses (for cash) in South Wales. But prices increased so much in the time it took to complete the sale, that we were struggling to buy one house in Wales, and even that needed a mortgage.

<<<Do you have a member of the family who doesn't have a mortgage? Children/grandchildren?>>>

My son died in Australia in February last year. He had enough in his bank to buy a house for cash in , say, Gainsborough. The Brisbane Public Trustees are still investigating, won't give us propbate. I decided that his money would benefit all memberts of his family, though maybe not all at the same time. To my mind, that means Property.

Daughter is in financial limbo until her divorce is settled.

Whoops ... Grand Prix Qualifying starting on TV, so back later, or maybe tomorrow.

602

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Xpajun
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PostPosted: Sat Nov 23, 2013 7:44 pm    Post subject: Reply with quote

w3526602 wrote:
Hi,

Thanks for replies and suggestions. I will try to answer them in chronological order.

<<<Find>>>
Two problems ...

Rent must be 130% of the mortgage payments. Im not sure how to calculate that, but £500 per month rent, would be 130% of circa £80,000 @ 5% (subject my maths), but repayment of capital as wel would halve that sum. Could be great .. if I could do it,

When I did ask about B2L, I was told that it was not avsail;able to 70+. But Limited Companies do not have a Date of Birth. Twisted Evil

Sites like Zoopla will give you a rent value for a house as well sa the last selling price etc. - base your rent on that when you apply for a mortgage - I was told that the mortgage company is only interested in the rent rather than your age but being a bit younger than 70 they might have neglected to add that bit of information.

On the subject of limited companies, yes you're right and there may be other advantages as well especially if you have family members as directors - have a look at trusts as well Wink
w3526602 wrote:


<<<TheThe>>>

If you buy, the cost is fixed, although subject to Bank Rate, but one day it will be paid off. If you rent, the Land lord is free to evict you at three months notice, and/or he can increase your rent. Rent has no end.

...

602


I don't think I'd ever rent again:

You rely on a landlord being good...

Very often a stipulation is no decorating but don't expect the landlord to do it

Have damp - you have to call out the landlord but don't expect it to fixed

Boiler problems - again you're relying on the landlord and who he chooses to fix it - be prepared to have a 'qualified' cowboy do the work within a couple of weeks or so

Plumbing or electrics out - yep it's possibly the 'qualified' cowboys again

The above is all based on very the recent experiences of someone that is currently renting privately
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w3526602
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PostPosted: Sun Nov 24, 2013 6:37 am    Post subject: Reply with quote

I've never had two properties at once, I've found a buyer for mine, found one I've wanted to buy

Hi,

That is the way that I have always done it in the past, but things seem to have change, in MK and NN at least. Estate agents will not accept an offer unless you have evidence that you have finance/cash.

We recently picked 12 houses out of Rightmove. When we phoned to arrange viewings, we found that 5 of them were under offer. So we arranged to view 7. As we were were having difficulty locating one of those, we phoned the agent to ask for directions.

"Didn't you get our telephone message? It was sold this morning."

I think I could contrive to raise some cash by legal and affordable means ... Equity Release of 25% on the house I am leaving empty, but the house must not be occupied by anybody else, plus, Equity release of 35% on the house I am moving to. It will probably cost me a few hundred on each of the houses, to arrange, and I have the choice of repaying interest and capital, or paying interest only, or making annual payment of up to 10%, or paying NOTHING and letting the interest roll up. The problem comes when I want to get out of the deal ... probably a couple of thousand pounds, each, possibly more. I have not fully investigated this option.

We will all grow old, we will all be discriminated against.

602

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Xpajun
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PostPosted: Sun Nov 24, 2013 8:54 am    Post subject: Reply with quote

w3526602 wrote:

We will all grow old, we will all be discriminated against.

602


Only if we allow it to happen Wink Laughing
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cynic-al
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PostPosted: Sun Nov 24, 2013 3:06 pm    Post subject: Reply with quote

Someone I know has 18 rental houses but has never put in a penny . He has a mortgage broker who over values the property by the deposit, the deposit is paid by an investor, when the transaction goes through the mortgage covers the outstanding house balance and refunds the investor plus their fee.

The rent covers the mortgage, any additional profits are spent very comprehensive insurance policies so that any damage or break downs are covered minimising his workload or on improvements to ensure a profit is never made. The mortgages are set to be cleared at retirement age so the tents will become taxable income or the houses will be sold. The only real risk is no tenants.

I guess there are ways around every problem depending how
Much you are willing to bend the rules :/

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w3526602
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Joined: 10 Jun 2002
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PostPosted: Sun Nov 24, 2013 6:38 pm    Post subject: Reply with quote

the deposit is paid by an investor,

Hi,

I have Googled "Private Mortgage" (also called "Hard Money")

Most results seemed to refer to commercial loans, and mentioned interest rates in excess of 20% compared with the more usual 7%. That could make sense if you know that you only need the cash for a short time. Even a Pay Day Loan can work out cheaper than going overdrawn if you only want it for 24 hours. Er .. I have not verified that.

The advantage of an approved overdraft is that you only pay interest on the time that you ARE ovedrawn. So, although you may have the overdraft facility for two or three months, you might only be in the red for the last couple of days. The risk is that as soon as contracts are exchanged, you are liable to forfeit the 10% deposit if you cannot complete ... and that might fall if the buyer of your house loses his buyer, or loses his job, or is arrested, or drops dead. I once bought a house from a vendor who died a couple of days before completion.

I only once gambled more that I could afford to lose. The estate agent got a two year custodial. I was very glad to sell that house four years later, with getting twice what I paid being a bonus. I don't want to go there again.

So .... who was this investor?

602

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w3526602
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PostPosted: Tue Nov 26, 2013 3:36 pm    Post subject: Reply with quote

Hi,,

I had a chat with a mortgage broker last evening. He explained that the upper age limit for mortgages is in response to the Government criticising banks for reckless lending.

So, the banks are now being "prudent", and discriminating against us Wrinklies, at the Governments request, which is what I'm ranting about.

I finished my self-build in 1990, anmd the bank asked me to pay off my overdraft (£65,000 at 18% Shocked ), but by that time we had got it down to £17,000.

We went to see the bank manager, to ask for the debt to be converted to a commercial mortgage, so that we could let our original house, that nobody wanted to buy. History repeats itself. Bank Manager was a blonde bimbo who said ...,.

"It's not thje Bank's business to lend money to people who cannot pay it back!"

"That's not what I heard!" said mySWMBO

"What do you me?", asks the BM.

"What about all these Third World debts?"

THE ROOM WENT COLD.

We managed to find another mortgage inside a week, before the Bank could get their act together. Not an easy thing to do in 1990, especisally as I didn't have a job.

Why does HMG always talk about preventing Boom & Bust, but only during a Bust?

602

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cynic-al
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PostPosted: Tue Nov 26, 2013 7:15 pm    Post subject: Reply with quote

I also fell at the hands of the change in banking policy. Half way through moving the crash and bailout happened with rbs. They pulled my mortgage offer even though it clearly stated that it was valid for a month. They offered me an alternative at 2% higher interest and an extra £10,000 deposit as they now 'had to lend ethically'. I asked how they could do that when the base rate had been slashed and they had been given a big wad of tax payers money. She replied with 'those changes are to benefit us not you'

It's their money and their pram. If you want to borrow it your the one doing the begging.

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w3526602
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PostPosted: Thu Nov 28, 2013 6:46 am    Post subject: Reply with quote

Hi,

According to the AOL Homepage, a Government Minister has accused us Wrinklies of causing the need to build on green fields sites.

Please regard this mail as my formal apologies for failing to pop my clogs at the appropriate time.

But while on the subject, can anyone provide the projected Carbon Footprint figures for both my Gas Guzzler ... and a new born baby.

602

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PostPosted: Fri Nov 29, 2013 4:12 am    Post subject: Reply with quote

Dont forget W, the strain your "agegroup" is putting on the NHS, social security systems etc etc..

always a popular daily mail topic..

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w3526602
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PostPosted: Sun Dec 01, 2013 8:05 am    Post subject: Reply with quote

Dont forget W, the strain your "agegroup" is putting on the NHS, social security systems etc etc..

Hi,

That is self-imposed. I went about 20 years without visiting my doctor bec ause I was ill ... I don't do ill. I think I visited the hospital once due to injury (... I was running at about 25mph, before deciding to let go of the horses rope). Then I moved house, and my new surgery DEMAND that I visit them regularly.

I reckon thjey should retain the "free" Health Service for illness, but make us responsible for our own injuries. Everyone should have accident insurance. Everyone should have public liability insurance.

If somebody runs you over, you claim against your insurance, get immediate payout. Your insurers then claim against the other parties insurance ... probably knock for knock. Compensation sdhould be an initial payment for pain and inconvenience. Long term disablement should be compensated in monthly payments for loss of income.

Just wait till the school kids are forced to become sportsmen. You can always recognise a sportsman by his crutches. I could argue that playing football killed my son. Or perhaps it was the doctor who said he didn't have a broken leg?

Slightly OT - Extended Maternity Leave for the bloke. If my "one-night- stand" can get a council flat, I reckon she can lend me our baby for 12 months, so I can have a flat too. Then I could take her to the CSA. And my boss can refuse to employ women of child-bearing age, because he can now refuse to employ men of the same age, so no SPAM discrimination.

602

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w3526602
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PostPosted: Sun Dec 01, 2013 8:06 am    Post subject: Reply with quote

Dont forget W, the strain your "agegroup" is putting on the NHS, social security systems etc etc..

Hi,

That is self-imposed. I went about 20 years without visiting my doctor bec ause I was ill ... I don't do ill. I think I visited the hospital once due to injury (... I was running at about 25mph, before deciding to let go of the horses rope). Then I moved house, and my new surgery DEMAND that I visit them regularly.

I reckon thjey should retain the "free" Health Service for illness, but make us responsible for our own injuries. Everyone should have accident insurance. Everyone should have public liability insurance.

If somebody runs you over, you claim against your insurance, get immediate payout. Your insurers then claim against the other parties insurance ... probably knock for knock. Compensation sdhould be an initial payment for pain and inconvenience. Long term disablement should be compensated in monthly payments for loss of income.

Just wait till the school kids are forced to become sportsmen. You can always recognise a sportsman by his crutches. I could argue that playing football killed my son. Or perhaps it was the doctor who said he didn't have a broken leg?

Slightly OT - Extended Maternity Leave for the bloke. If my "one-night- stand" can get a council flat, I reckon she can lend me our baby for 12 months, so I can have a flat too. Then I could take her to the CSA. And my boss can refuse to employ women of child-bearing age, because he can now refuse to employ men of the same age, so no SPAM discrimination.

602

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DD
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PostPosted: Sun Dec 01, 2013 8:48 am    Post subject: Reply with quote

Dicky, it must be rotton paying yourself dividends thought what is effectively a tax-free loophole and the banks not recognising it a as salary......


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