Retirement Mortgages

theenquirer

My wife and I are retired, I have a Pension (work) and my wife has state pension. I do not have stae pension for another 3 years.
We live in a good class semi which is rented. Will be offered the chance to buy soon at market value (likely £75000),
The thing is do you think we could get a mortgage at out age? If so is there an online resource where we could compare.
I know we will likely see a solicitor etc. but just wanted an idea just now.
Thanks

Ian_W

Well, you haven't said what ages you are but guessing at 62 for you and 60+ for your wife in view of your comments re the state pension.
Age, in itself, may not be a problem but your combined earnings might be, for £75k mortgage you're probably going to need combined gross income of £20-25K per annum.
Lenders policies on age do vary. My last lender, The Coventry BS, simply required the the term of the loan ended by age 85. On that basis you could certainly get a mortgage of over 20yrs by the guestimate of your ages. Of course lowering the length of the mortgage does increase the costs of the monthly repayment although it does save you interest over the term.
I would suggest you contact a whole of market broker as they should be able to advise on individual lenders policies on age and income requirements.