Paying A Mortgage In Retirement

MRSTITTLEMOUSE

Hi, can anyone enlighten me as to the possibility of obtaining a mortgage which would be paid into retirement.Facts are: age 54, mortgage of £80000, needed over 20 years.Deposit of £90000.No credit problems,no debt Salary of £24500.Retiring age 65,with pensionable salary of 63% of my final salary( will have been in pension scheme for 38 years on retirement),which as my salary rises approx £600 per annum will be 63% of approx. 32k.On top of this I will recieve the state pension for a married couple.Any advice would be appreciated.Thankyou.

canny_yorkshireman_2

why would you want to pay a mortgage after you have stopped working would have thought most people want to end paying for their home before they reach 65 never mind way on afterwards puzzled at the thought

Debt_Free_Chick

Would you not consider using any tax free cash from your pension scheme to pay off your mortgage?

herbiesjp

MRSTITTLEMOUSE wrote:

Hi, can anyone enlighten me as to the possibility of obtaining a mortgage which would be paid into retirement.Facts are: age 54, mortgage of £80000, needed over 20 years.Deposit of £90000.No credit problems,no debt Salary of £24500.Retiring age 65,with pensionable salary of 63% of my final salary( will have been in pension scheme for 38 years on retirement),which as my salary rises approx £600 per annum will be 63% of approx. 32k.On top of this I will recieve the state pension for a married couple.Any advice would be appreciated.Thankyou.

I think that you will indeed be able to find several lenders to look into this scenario for you. All lenders have got different ways of looking into the post-retirement income scenario, but it looks like you should be able to achieve what you are looking to do.