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Mortgage for Pensioners?
seven-day-weekend
Posts: 36,755 Forumite
Hi there, I think it is my first time on this board, although I am a regular on Pensions and Benefits (so to speak!:rotfl:).
My husband and I are in our early 60s (in fact he is 62 today). We hope at some point to sell our Spanish house and buy an apartment in the UK with the proceeds. For this we may need a small mortgage (Less than £40k, hopefully no more than £20k).
We will have (by the time we are both 65) a total income of around £21500. This will all be from Pensions. All the Pensions (Two State and two Occupational) are index-linked.
My questions are:
1. Will we be able to get a mortgage at our age?
2. Will we be able to get a mortgage based solely on Pension income ?
3. If so, how much could we borrow on our income?
Thanks for any advice.
My husband and I are in our early 60s (in fact he is 62 today). We hope at some point to sell our Spanish house and buy an apartment in the UK with the proceeds. For this we may need a small mortgage (Less than £40k, hopefully no more than £20k).
We will have (by the time we are both 65) a total income of around £21500. This will all be from Pensions. All the Pensions (Two State and two Occupational) are index-linked.
My questions are:
1. Will we be able to get a mortgage at our age?
2. Will we be able to get a mortgage based solely on Pension income ?
3. If so, how much could we borrow on our income?
Thanks for any advice.
(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton
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Comments
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bump as it was going off the page and I would like a reply if possible.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
It may be possible as you have private pensions.
Speak to a broker to see what may be available.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Thanks for your reply and advice.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
Can I bump this in case there is any further advice, as we are in Spain for the next few months and therefore have no access to a broker for UK mortgages.
Thanks in advance(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
There cannot be any advice as there is not enough information on your circumstances.
You could speak to a broker on the phone. This would get you a better idea of what may be availableI am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
What other information do you need? I will provide it if I can.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0
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