1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.
  2. Hi Guest, welcome to the TES Community!

    Connect with like-minded education professionals and have your say on the issues that matter to you.

    Don't forget to look at the how to guide.

    Dismiss Notice

Pension and mortgage

Discussion in 'Retirement' started by Icklemoomoo, Dec 24, 2019.

  1. Icklemoomoo

    Icklemoomoo New commenter

    Dear All, I wonder if anyone can help...
    I am currently applying for a mortgage. As the mortgage will go passed my retirement age, I am required to provide details of my monthly pension income. I have used the prediction tool of the TPS but was told by the bank that it was not detailed enough. I have sent a message on the TPS website but it seems that they are unable to help. I cannot secure my mortgage without this information. Has anyone got an idea of getting round this? Thank you.
  2. Morninglover

    Morninglover Star commenter

    I'm afraid I can't help, but would just suggest trying another mortgage provider or perhaps a mortgage broker.
  3. davidmu

    davidmu Occasional commenter

    Morninglover's suggestion is a perfect response. I had a 15 year mortgage on a replacement house that went 3 years beyond my expected retirement date. No problem with that at all.
  4. lizziescat

    lizziescat Star commenter

    My mortgage had a date after my retirement date in fact paid off several years early. No problems or questions about future pension. I wonder if the length of time to pay it off is a factor.
    But yes try another provider.
    Marshall likes this.
  5. diddydave

    diddydave Established commenter

    Have you tried the 'benefit statement' that is personalised to you when you login to the TPS website instead of the generic tool?
  6. shevington

    shevington Occasional commenter

    If you are in a Union, then their Pensions Provider may be able to help eg NASUWT is connected to Wesleyan. Check both National web sites for link to their Providers.
  7. Brianthedog

    Brianthedog Occasional commenter

    We moved house when I was 57, porting the mortgage over with us. It had 5 years left on the term, and there was no question asked about paying it off. Are you expecting the term to go beyond the National Pension age as opposed to your teacher pension age?

Share This Page