Any chance of a mortgage?

manstone6

I am really hoping someone can point me in the right direction.

I will be 74 next birthday.

I was previously a homeowner. I have had two mortgages over the years each was paid off. I have a clean credit record.

I sold my last home in 2005 and have been living with a relative since caring for them.

Circumstances have changed and I now need to move. I have no where to go unless I purchase a property. I have never rented and its not really an option I feel comfortable with.

I returned to work in April after 2-years of retirement (after 50 years of work - missed it too much, I guess).

Current salary £50k and given the nature of my work I would be hoping for another 10-years.

Would I be deemed a first time buyer?

Given my age and circumstances, am I likely to have any chance of a mortgage even on a shortened term?

Looking to purchase up to £300k.

Really hoping I can get some help.

HappyMJ

Anything is possible. Why you would want a mortgage I have no idea. Wouldn't renting be a better option?

You are not deemed a first time buyer if you've owned property before.

You will really need the services of a broker to figure this one out but lenders can lend to people who are beyond the age of normal retirement.

manstone6

thank you for your quick reply.

Yes I think using a broker would be the best option as many of the lenders I have been checking out this weekend seem to have age restrictions.

I have my last 3 payslips, is there anything else I need to sort out before even starting?

HappyMJ

manstone6 wrote: »

thank you for your quick reply.

Yes I think using a broker would be the best option as many of the lenders I have been checking out this weekend seem to have age restrictions.

I have my last 3 payslips, is there anything else I need to sort out before even starting?

A contract of employment would be great. A letter from your employer explaining that your services wil be required for the next 10 years would be good. Your application will be referred to the underwriters for a manual decision so the more you can provide the better.

Try National Counties Building Society http://www.ncbs.co.uk/Mortgages/mortgages-home.aspx they'll offer a 73 year old a 14 year mortgage term. See http://www.ncbs.co.uk/web/FILES/Mortgages/Maximum_Mortgage_Term_Guidelines-Nov2014.pdf

Jon_Bake

I think this will depend on the mortgage brokers. Some will be hesitant to give you a loan considering your age and current financial position. But some other may be willing to give you a loan since you have a steady income now.
When I had planned on buying my first home, my credits weren't exactly the best. I had to shop around for a good home purchase mortgage and finally I got a good offer from The Financial Forum. So you will have to shop around a bit to get a good mortgage.

somethingcorporate

How much would you be looking to borrow?

Could you realistically pay back that much in such a short period of time on £50k?

manstone6

Ideally 80% LTV on £300k purchase, but 75% would be okay.

Currently, I have access to about 95k in savings.

Over the next 5-years I will have access to a further £170k. They are in various savings bonds maturing between 2 and 5 years time but I am unable to break them before then.

In addition, I have £50k in a SIPP - I was planning to draw it down later when I stop working and my marginal rate of tax reduces.

Currently, saving £1,700 a month.

My first mortgage ran from 1969 to 1986 and then I had a second mortgage 1988 to 2002 - All paid back in full. No missed payments on these or anything else and no debts.

somethingcorporate

Sounds like you have all your ducks in a row. Good luck!

manstone6

I was wondering if there there any brokers on this board that could private message me so I can discuss it a little more?