Hi,
Husband is 61, was working at application stage but retired at drawdown
Wife, 55, working 4 years after being a homemaker for previous 30 years, no pension entitlement and won't get a full state pension when she is made redundant this year
they got a BTL mortgage for 255k (80%) in 2007, term of loan was 25 years with the first 3 years interest only
should the loan have been issued? does it break any consumer protection codes?
I'm looking at this from the point of view of the term of the loan granted
Thanks
k
Husband is 61, was working at application stage but retired at drawdown
Wife, 55, working 4 years after being a homemaker for previous 30 years, no pension entitlement and won't get a full state pension when she is made redundant this year
they got a BTL mortgage for 255k (80%) in 2007, term of loan was 25 years with the first 3 years interest only
should the loan have been issued? does it break any consumer protection codes?
I'm looking at this from the point of view of the term of the loan granted
Thanks
k