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Mortgage for retired

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ATHERTON_2
ATHERTON_2 Posts: 8 Forumite
in House buying, renting & selling
I am 63yrs.old and retired with a net income of £14000/year,i own a house worth £150/160000 outright and i have £120000 cash.
I want to raise £80000 to buy a house costing £200000,i intend to rent own house for a few years at £600/month.REASON i need to move fast or miss the house.
Any advise please have been turned down by First Direct.I have a good credit record and no debts .BUY TO LET on my own house?
thanks.

"Proud to have been shoulder to shoulder with Arthur"

Comments

  • Cannon_Fodder
    Cannon_Fodder Posts: 3,980 Forumite
    Options
    Try a whole of market broker for "let to buy"...?
  • Sweetcaz_2
    Sweetcaz_2 Posts: 113 Forumite
    Options
    You could raise the capital as a remortgage on your own home but the new lender would have to agree to you letting it out.
    Offer accepted - 4th July :D Own sale completed - 5th September
    Finally exchanged - 30th October :j:T:j
    Completing on Friday 13th! :rotfl:
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