Mortgage for Over 60 year person

Campygirl

My partner and I are trying to get a mortgage to purchase a home. Target price is £175,000. He is self employeed, average salary (supported by accountant) is £23,000 per year. He is 63 years old. he plans to retire at age 70. The best we have been able to do is £56,000.

He owns commercial property worth £125,000 with a tenant (5 year lease) bringing an income of £9600 per year. Best we can get for a loan on the commercial property is £30,000.

This would require us to make up the rest, £89,000 as a deposit.

If I hear one more time - if you came to us a year ago, we would have been able to loan you more - I am going to scream.

I know times are tough, but it seems to me that we should be able to get more funds from the commercial property. One "friend of a friend" said he could get us £75,000 but at 10% interest.

Any thoughts on when I might go next would be appreciated. (Been working with a broker).

Tiddler_2

What income will he have, approximately, after retiring at age 70? (e.g. pension/investment income.)

If mortgage was to run beyond his 70th birthday, how would you afford to make the payments?