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The FCA released a report in May 2016 on "embedding the Mortgage Market Review". (Actually it's apparently a "Thematic Review", TR16/4.)

It contains this beauty which speaks to the results of people buying housing later in their economic lives and taking on longer mortgages.

FCA%2BMMR%2Breview%2BMay%2B2016.png

If you put that together with the growth of equity release and the fact that lots of rent services mortgages, the dream of spending all your life on the receiving end of a mortgage looks like a good bet! Hurrah.

Edited by Bland Unsight

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"The majority of firms’ policies showed they were prepared to offer mortgages with terms that extend beyond a customer’s expected retirement age. In particular, at the time of the review, we found that large lenders set their maximum age at 70 or 75. Our rules do not set any age limits and these policies are a reflection of lenders’ current credit risk appetites and operational preferences ...

"We found smaller building societies in our sample had more flexible underwriting standards which might allow customers exceeding other lenders maximum age limits to access the market." (page 18)

Ahem

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I can think of two reasons:

1. Spread mortgage over a longer period to make monthly installments affordable

2. Starting late if life.

Both can boil down to high housecprice /low income scenario.

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I can think of two reasons:

1. Spread mortgage over a longer period to make monthly installments affordable

2. Starting late if life.

Both can boil down to high housecprice /low income scenario.

I can think of the third one.They MEWed so they could have photos of them stood next to Mickey Mouse and to pay off the credit cards they built up when their wages didnt cover the lifestyle they "deserved" and "worked for".Any pensions people have above the means test will be going to the bank.Forever.

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Interesting isn’t it? The government in cahoots with the banking system have turned the proles into the perfect golden egg laying goose - forever. You spend the first 20 years of your working life paying ever increasing rents pumping buy to let for the scum landlords and thus house prices. Eventually you take out a mortgage for that high cost house you pumped via the landlords in your first 20 years. You now carry on as a debt slave to the bank until you drop. Perfectamundo. All your lifetime’s labour stolen by middlemen.

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I can think of two reasons:

1. Spread mortgage over a longer period to make monthly installments affordable

2. Starting late if life.

Both can boil down to high housecprice /low income scenario.

I can think of the third one.They MEWed so they could have photos of them stood next to Mickey Mouse and to pay off the credit cards they built up when their wages didnt cover the lifestyle they "deserved" and "worked for".Any pensions people have above the means test will be going to the bank.Forever.

I like your posts Durhamborn, you have a tendency to hit the nail on the head. There's plenty not to like about how the banks conduct themselves in the mortgage market, but some people really don't do themselves any favours.

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I can think of two reasons:

1. Spread mortgage over a longer period to make monthly installments affordable

2. Starting late if life.

Both can boil down to high housecprice /low income scenario.

Here's some charts extracted from ONS data proving your points.

Mortgage tenors

post-13987-0-41275400-1471937228_thumb.jpg

Age distributions

post-13987-0-77312800-1471937284_thumb.jpg

sorry don't know how to make the charts bigger, you'll have to click on them

I was shocked by the extent 25 yr + mortgages had risen, equally at the collapse in in younger homebuyers, now you start at 35yr +

Edited by moneyscam

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