Might I get a mortgage

moneybags_3

Hi All

I am 62 years old, retired and have a small mortgage left on my home. I have an occupational pension of around £14000 per year. I really would like to move to a smaller and more manageable home in a better area. My mortgage will not be paid out until am 75 years of age and I have one credit card which I keep under £500. Houses where I live have dropped a lot in value. To buy again and move I would need to increase my mortgage by about £25000. From January onwards I will be in receipt of an extra pension which increases by yearly income by about £5000. Does anyone have experience of getting a new mortgage to move home at my age. Also in these mortgage calculator sites what exactly is meant by monthly credit commitments - is it amount paid per month off a debt or is it the value of the whole debt?

kingstreet

You don't say what the new mortgage amount will be, so we have no chance of telling you if your income is enough.

With an income of £19k and a card balance of £500, you should be able to borrow about £59,500 over a maximum twelve year term, to age 75.

If it asks for monthly payment, you put in the monthly payment for loans, HP etc. For credit card debt use 5% of the balance.