Advice needed - a bit different

cosmo_2

Hi this is my first post on this board - my situation is a bit different, i don't think I need a mortgage but I need to buy a house.

I'm 58 so its a bit hard to get a mortgage and I'm not sure I want to be working until I'm 80. I only need to borrow about 10 to 15K what would be the best solution MSE experts?

Many thanks for reading my post.

buxtonrabbitgreen

My situation is different. I have just switched for the remaining 2 years of my mortgage as the mortgage offer I had just ran out. But to get to the point I am 53 and they asked me how long I anticipated being at work for. So I guess it depends if you couold pay what you want to borrow off by retiement age.

*EssEncE*

As previous poster mentioned, the key to your option is the 'term' you are happy to borrow over.

There are many mortgage lenders out there that will go beyond retirement if need be, but again whether they will lend depends upon many factors. Such as 'what income you will be receiving post retirement', ie pension. If you have a clean credit history and provisions in place, then you will be surprised at how many lenders would be prepared to offer you a mortgage into retirement

The amount you require is small and therefore an un-secured personal loan is not out of the question.

I would be looking down both avenues to see what rates lenders will offer you.

mightymouse

Hi cosmo

I have said a few times that I am a newbie here.

Reading what you say you should consider talking to an Independent Financial Advisor of which there are many (put the title into your search engine on the Internet).

The reason I suggest IFA is that he/she should be able to advise you on the longer term implications of afforability pension and income in retirement and the amount you might consider borrowing with advice on making repayments, how much capital to invest and whether or not there would be any help in retirement from say dss.

There are fee implications but shop around if you need to or haggle.

snaffs

You will probably find you can get a good deal from a high street lender who will do a mortgage term up to your 70th birthday which will still give you a reasonable term. Would recommend that you speak to an IFA though re if you do plan to be paying the mortgage off post-retirement.

cattie

Because of the small amount you wish to borrow you will find that quite a few high street lenders won't consider you for a mortgage.

Nationwide is one who might.