{"id":9404,"date":"2014-08-06T17:16:36","date_gmt":"2014-08-06T16:16:36","guid":{"rendered":"http:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9404"},"modified":"2014-08-06T17:16:36","modified_gmt":"2014-08-06T16:16:36","slug":"mortgage-lenders-are-now-being-accused-of-discrimination-as-mortgage-application-is-rejected-because-48-year-olds-husband-is-too-old","status":"publish","type":"page","link":"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9404","title":{"rendered":"Mortgage Lenders are now being accused of discrimination as mortgage application is rejected because 48 year old\u00e2\u20ac\u2122s husband is too old"},"content":{"rendered":"<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Victoria Wallace and her husband of 17 years, Sean, have unfortunately been denied the ability to jointly own their marital home after they had a mortgage application rejected on the basis that Sean was deemed \u00e2\u20ac\u0153too old\u00e2\u20ac\u009d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The application for twice Victoria\u00e2\u20ac\u2122s income was made to Yorkshire Building Society and only included Victoria\u00e2\u20ac\u2122s finances, as her six-figure wage was more than adequate by any measure of affordability and Sean, in contrast, earned very little.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">However, to the couple\u00e2\u20ac\u2122s surprise, their application was rejected. They had applied for a mortgage over a 20 year term which meant Sean would be over the age of 75 whilst the mortgage remained in force. It is for this reason that the lenders refused the application, despite the remarkable fact that Sean would not be contributing any of his income.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">This meant a forced change in tactics for the Wallaces, who had to decide whether to opt for a mortgage over a shorter, 14 year term \u00e2\u20ac\u201c meaning Sean would be 74 come the end of the mortgage \u00e2\u20ac\u201c or apply for a mortgage in Victoria\u00e2\u20ac\u2122s sole name.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Sean and Victoria, who wanted to free up more of their income now and planned to pay of the mortgage before the end of the term in any case, decided on the longer 20 year mortgage put solely in Victoria\u00e2\u20ac\u2122s name and were consequently accepted by Santander.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">Victoria sums up her anger:<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">\u00e2\u20ac\u0153It\u00e2\u20ac\u2122s crazy. I would understand the lender\u00e2\u20ac\u2122s position if our application was relying upon him for an income. But it\u00e2\u20ac\u2122s not. This is clear age discrimination, as it is not based on any financial information or affordability.\u00e2\u20ac\u009d<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">David Hollingworth of broker London &amp; Country recently admitted that increased regulation has \u00e2\u20ac\u0153driven tougher criteria for older borrowers\u00e2\u20ac\u009d which results in \u00e2\u20ac\u0153outcomes that don\u00e2\u20ac\u2122t seem grounded in common sense\u00e2\u20ac\u009d.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The case of the Wallaces is not the only one of its kind, with brokers recalling several similar scenarios. A husband and wife aged 52 and 46 respectively, had applied for a loan totalling half of the property&#8217;s value, only to be denied because the husband would be 67 at the end of the loan and not paying into a pension.<\/span><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">The eligibility squeeze we have previously written about in the younger generations seems to have spilled over into even the most prosperous cohorts of society. But will such a contraction of funding deflate the property market? Or will it continue to surge forward regardless?<\/span><\/p>\n<p style=\"text-align: center;\"><a href=\"http:\/\/www.propertysurveying.co.uk\"><span style=\"color: #000000;\">www.propertysurveying.co.uk<\/span><\/a><\/p>\n<p style=\"text-align: justify;\"><span style=\"color: #000000;\">BT \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 \u00c2\u00a0 29\/07\/14<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Victoria Wallace and her husband of 17 years, Sean, have unfortunately been denied the ability to jointly own their marital home after they had a mortgage application rejected on the basis that Sean was deemed \u00e2\u20ac\u0153too old\u00e2\u20ac\u009d. The application for twice Victoria\u00e2\u20ac\u2122s income was made to Yorkshire Building Society and only included Victoria\u00e2\u20ac\u2122s finances, as &hellip; <a href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9404\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Mortgage Lenders are now being accused of discrimination as mortgage application is rejected because 48 year old\u00e2\u20ac\u2122s husband is too old&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"parent":0,"menu_order":0,"comment_status":"open","ping_status":"open","template":"","meta":{"footnotes":""},"folder":[],"class_list":["post-9404","page","type-page","status-publish","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Mortgage Lenders are now being accused of discrimination as mortgage application is rejected because 48 year old\u00e2\u20ac\u2122s husband is too old - Property Surveying NEWSLETTER<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.propertysurveying.co.uk\/newsletter\/?page_id=9404\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Mortgage Lenders are now being accused of discrimination as mortgage application is rejected because 48 year old\u00e2\u20ac\u2122s husband is too old - Property Surveying NEWSLETTER\" \/>\n<meta property=\"og:description\" content=\"Victoria Wallace and her husband of 17 years, Sean, have unfortunately been denied the ability to jointly own their marital home after they had a mortgage application rejected on the basis that Sean was deemed \u00e2\u20ac\u0153too old\u00e2\u20ac\u009d. 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