2006-10-09 11:25:58 · 11 answers · asked by Michael S 1 in Business & Finance ➔ Credit
The new anti-ageism laws are all about stopping discrimination in the workplace. They have no legislation over products and services like mortgages. If they applied to commerical organisations and service industries, pubs, bars and cigarette stockists could argue it was "ageist" to restrict the ages they can sell to and we'd have 8 year old chavs walking into corner shops buying cigs. (Oh hang on, we do anyway....).
And think about it. If someone aged 80 wanted to borrow £250k of your money over a 25 year term, would YOU lend them it?!
2006-10-09 11:33:06 · answer #1 · answered by Andy B 2 · 1⤊ 1⤋
The mortgage lenders in Britain do not have an upper age limit so ageism does not enter into the argument. However, if you are 65 and take out a 25 year mortgage and then die when you are 70, your next of kin inherits the debt. Contracts do not die with the person who made them.
2006-10-12 05:35:35 · answer #2 · answered by halifaxed 5 · 0⤊ 0⤋
I even have never heard of considered one of those regulation yet there are regulations that shelter against discrimination which includes age, race, gender, and so forth. Whomever instructed you it truly is erroneous. what it comes right down to is a ethical question, is an arm product the main suitable software a private loan expert can positioned you in? no longer likely. jointly as an arm or pastime in basic terms software will decrease your money for a volume of time, you may evaluate 2 issues, one you pays remaining costs for the preliminary remaining and then back in 2-5 years reckoning at this methodology, so how lots do you quite shop. additionally, your no longer paying down the belief, so once you may refinance back, you would be in a pickle. i could look for suggestion from a private loan expert which will evaluate the completed economic subject and positioned you in a software that suits your subject. solid success
2016-10-16 00:35:54 · answer #3 · answered by ? 4 · 0⤊ 0⤋
nope, not ageist because it is up to you to decide who you sell your products too, the ageism laws (like the sex discrimination ones, and the race ones etc) all relate to employment and the like.
they tend to insist you have an income (to pay them) and thats why they put payback time limits on age, because you might not have an income after you retire.
2006-10-09 22:47:46 · answer #4 · answered by alatoruk 5 · 0⤊ 0⤋
are allowed to require that you do not take your mortgage out after the age of 65 as they then do not have a gaurantee that you could afford it when you retire.
2006-10-10 04:36:15 · answer #5 · answered by Very Sexy Vixen 3 · 0⤊ 0⤋
No. It might help if you tell them you would buy death insurance to pay the mortgage off. This way the bank is protected.
2006-10-09 13:48:55 · answer #6 · answered by webworm90 4 · 0⤊ 0⤋
no this is risk management they want the mortgage to be repaid before you croak it. it would lead to expensive litigation if you were to die of old age before repayments were cleared.
2006-10-09 11:44:03 · answer #7 · answered by Anonymous · 2⤊ 0⤋
if they couldnt do this, you could take out a 30 yr loan at age 75
2006-10-13 08:28:16 · answer #8 · answered by Anonymous · 0⤊ 0⤋
ageism lmao lol
2006-10-09 11:28:24 · answer #9 · answered by angel 36 6 · 0⤊ 0⤋
I think they just call it risk management
2006-10-09 11:33:42 · answer #10 · answered by Typhoon_ 3 · 0⤊ 0⤋