Can I obtain a mortgage in my circumstances?

richard_3095

Hi. I'd like advice as to whether I can obtain a mortage.

I live in a 3 bedroomed (no fines) Council house that is valued at £70K. I can buy it for £20K.

But can I obtain a mortagage and what type should I go for?

I ask because of the following facts:

* Current income at present £7K
* I am 58 years old this year.

I'd appreciate it if someone can help me find who would offer me a mortgage. Thanks.

audigex

How much can you sensibly afford to pay a month for your mortgage? Is your income guaranteed?

Your biggest issue will be that you're quite close to retirement, but with the mortgage amount being so low, it should be possible.

Going off a quick scan, your monthly payments should be somewhere between £150 and £350, depending on your term. (Note, these are vague numbers)

£150 would be for a 12 year term to end before you're 70 (usually the max limit you'll find), or £250 to end in 7 years (before you're 65, which should make finding a lender easier).

19lottie82

No one can say for sure. Why don't you speak to a broker?

ACG

No fines, right to buy, £20k mortgage and £7k income.... I think this is definitely one for a broker.

The sums alone I think probably do stack up, although if you get any tax credits/pension on top it will certainly help. But with everything else I think your options are going to be very limited.

Jhoney_2

Santander can/will do up to age 75. Hope that helps if the monthly payments above are a worry. All the best!