Too old for a mortgage

jangor_2

Due to financial circumstances I sold the house I loved and purchased a small property in Kent. Unfortunately from day one I was very unhappy and have moved out to rented accommodation. My son with family is now renting my house. My query is I will never return to my own property but my son is settling there with the children in local schools and I don't want to disrupt their lives. They pay me rent and I continue to work full time although I am over retirement age. Is it possible I could be considered for a mortgage until either my son decides to buy my house or he moves out and I can sell the property?. I have £50,000 I could put down as a deposit. I would love to buy a small property in the area I am presently living. Hope this makes sense.

opinions4u

See a reputable local mortgage broker.

You should be able to get a mortgage on the house you buy based on your potential retirment income. You would need to prove what this would be. There may also still be lenders in the market who would allow you to raise buy-to-let finance on your own property, although rates would be higher.

Whether that will be enough to buy the kind of house you want I don't know.

Alternatively, why not just continue renting somewhere you like? Home ownership isn't the be all and end all.