over 60 first time buyer??

shortchanged_2

Where do they want to buy?

That seems to be a lot of money for what I guess is essentially a retirement home for 2 people.

TrickyDicky

Why do they NEED to buy a house? it seems their expectations are rather high. I think you have the following options.

Find a less expensive place, preferably so they can buy cash or with little or no mortgage.
Rent a really nice house.

beecher2

shamo wrote: »

Its complicated, if he applies for the mortgage now he would still be employed with a salary of 21k. If he were to retire this year (aged 63) he would only recieve £12k per annum pension, upon reaching 65 this would be bumped up by the state pension to 19k

I agree that 100k is prob not going to happen but doing my best to find out the figures for them based on their best outcome.

They need to work out what's affordable to them, rather than the most they can possibly borrow and need to factor in how they would repay the capital, and not just the interest.