Pesions as Income to obtain a small mortgage?

nonnatus

Following on from a previous thread and some of the helpful answers, could someone let me know if I'm wasting my time please?

Property value is £300k

We have cash of £260k (from sale of house)

So there is a shortfall of £40k. We want a mortgage to cover that amount, but a relatively short one! (five years maybe?).

The only available income is a mixture of State and Private Pensions which amount to approx £2k a month. No other loans or debts to service. The Pensioners involved are both currently in their 60's and in good health....!!

Is a Mortgage the way to go? Would ANY Broker look at a mortgage based only on Pension Income please?

Senior_Paper_Monitor

Sounds doable (on limited info provided) whichever end of the 60s they are - not for every lender certainly, but doable

Let_Us_See

Just completed a mortgage for a client with a term to 85 year, and if credit file is OK then age, borrowing, and income not a problem with quite a few lenders.

nonnatus

Wow. Thanks both so much for the positive responses! Credit profiles for both involved are immaculate. Any idea on how to go about looking for these mysterious Lenders?

Do I just Google local "Mortgage Brokers" and start phoning around?

Apologies for the naivety. When we got our first Mortgage two years ago it was through a Broker friend of my Dad and the guy gave me the creeps. I'd rather avoid him this time around (and the fact that we got saddled with an 8% Interest rate didn't help...) but don't know any other Brokers. Is there a secret list somewhere?

Oh! There's probably a list on THIS site somewhere isn't there? I'll shuffle off to have a look....

Let_Us_See

Ask friends, family and work colleagues for a personal referral, far better than sticking the proverbial pin in a list.