Mortgage after retirement

bobr

Mortgage after retirement
I am 57 years old and hope to work until I am 65. We recently sold our house and are living with relatives. I have a good salary but have a lot of debts. We have £20000 for a deposit and are looking for a mortgage of about £200000.
However, to make the repayments affordable the mortgage would have to extend well into retirement. I should get a good pension. Is anyone likely to give us a mortgage?
Alternatively should we rent for, say, 2years when house prices may have come down(but I will be 2 years older)?
Thanks for your help.

mpsavuk

£200,000.00? Over 8 years? You'll still be paying back that mortgage when you're six foot under!

I reckon you are at least 10 years too late.

getmore4less

You need to know what you pension will be and what you can afford from that to set realistic expectations, then the problem will be finding a lender but at least you won't overstretch.

I would wait and save more , can do no harm renting, is cheaper than buying at the moment and prices are likely to drop.

The other thing is where you live now where you are likely to end up, maybe a retirement places somewhere else should be the target.

Why not consider the rental options, easy to move area should you want or live overseas in the winter, might mean a lifstyle change depends what your plans are.

Fortyfoot

mpsavuk wrote: »

£200,000.00? Over 8 years? You'll still be paying back that mortgage when you're six foot under!

I reckon you are at least 10 years too late.

I am not so sure about that. I have just been offered a 40 year mortgage from the Nationwide, that will make me 104 when I finish paying!!!!!!!!!

Fortyfoot

BillTrac

And the debts?

I don't think you are being realistic. Why enter a mortgage agreement if you have a lot of debts?

Or do you need someone to take the spade away so you stop digging?

You have lots of debts but can raise £20k, why not pay off some of your debts? I am sure the people you owe money to would appreciate it.

koexelek

Very few lenders will go past age 75 these days

opinions4u

If you can show that your pension income can support the repayments, then you may have a chance.

If you popped your clogs, would your partner be able to meet the payments without that pension income though?

And given your age bracket, is life assurance for such a large amount affordable?

And could you afford the payments if interest rates doubled (a question all potential borrowers should ask)?

Fortyfoot

Tiddler had a post on this forum earlier this year and said that "Abbey, Halifax, Nationwide, Woolwich" did consider over 75s

Fortyfoot

dimbo61

round where I live thats cheshire the council are building a number of retirement villages for the over 55s
50% bought and 50% rent.
2 bedroom brand new flats with 24 hour care for £60/65k plus £185 a month rent. consider !!