Karena Duane

In our business, we would see a lot of people that would retire maybe from their day to day traditional job, we'll call it, and then they go into maybe contracting or consultancy work.

So they will still be generating an income into what we would traditionally call retirement.

So I think the lenders are taking those type of things into consideration.

The one thing that people also need to consider is if you are taking out a mortgage for your own home, you need to have life cover.

And as we get older, your life cover costs increase.

So for anybody that will be thinking about getting it, you know, that is a consideration as well.

They will look at who is the main income earner.

So what the lender really wants to see is if we give you this money, how are we going to see you pay it off over that longer term?

So if it was a couple of one was 37 and one's 47 and the person who's 37 is, we'll say, going to be contributing less to the mortgage.

then they may look at, well, if we do go to 75 or 80, how are you going to pay that back?

So really with lenders, they want to see repayment capacity at all different times.

So people might be in a fortunate position to have the old defined benefit pensions where they'll have that regular income coming in beyond retirement.

So it's really down to how long can you pay this for and where are you going to get the money for in retirement.

It would be more reflective of their age at that point.

It could potentially, yeah, they would need to have that kind of clear path to how are you going to pay it?

Because if that person comes to 65 and they're in a job that will say you have to retire at 65, they will want to see how do you intend to pay it beyond 65.

Yeah, I think it's down to everybody's individual circumstances.

As I said, there's pros and cons with each.

Sometimes people going into their 40s have built up more of that deposit.

So what I would say to people is don't panic.