retired - Can I get a mortgage?

Blackwater

I am 63 and retired. I have a private pension and have £80,000 savings in the bank. I want to buy a house but will struggle with just £80,000. If I can show a good income will I be able to get a mortgage?

dimbo61

Some lenders will look at your pension income and may lend you money for a property but have you considered renting ?
You would need to find a "whole of market mortgage broker" for advice
Lots of over 55,s apartments being built for sale or rent or even part rent/part ownership.
Something to consider

wodgerdodger

Certainly the majority of Lender will accept pension income but many will have limits on the term. The A&L certainly used to and i think still do accept applications like this but term at completion is age 75 so max 12 year term in your case.

Normal proof of income for retirees is monthly pension statements and normal product portfolio.

Conrad

Yes a few lenders can consider, but watch out for the term as some only lend to 65, 70 or 75, so you would need to repay all the debt within that time, which some would argue makes no sense when the pension will be paid for life, and in any event any oustanding capital can come from the estate on death.