Mortgage Broker wanted for over 70s

manstone6

Are there any mortgage brokers here that can assist me with a search for a lender? I am 73 and would be looking for a reduced term of no more than 15 years.

Let_Us_See

What you ask is possible as long as you have sufficient guaranteed income in retirement?

Let's start at stage one. What is/are your annual income(s) and source? Value of property and how much would you like to borrow?

manstone6

thank you for the reply.

Salary £50k (basic) from employment - looking to work as long as possible and as not physical I should be fine for a number of years and have no plans to retire.

£12k in pension income.

value £300k
ideally borrow 85%.

[Deleted User]

Do you REALLY want to keep working until you're 88?

manstone6

I tried retirement for 12 months and it didnt suit me. I plan to work as long as I can as I enjoy my work and still have adequate time off.

I need to move this year due to a change in family circumstances (currently living with a relative).

My outgoings are generally low and even if I take on a mortgage, I expect to be saving £18,000 a year and with the savings (tied in savings bonds) and SIPP I am planning to be mortgage free before the end of any term if needs be.

Let_Us_See

manstone6 wrote: »

Salary £50k (basic) from employment - looking to work as long as possible and as not physical I should be fine for a number of years and have no plans to retire. £12k in pension income. value £300k
ideally borrow 85%.

Unfortunately, at this age only your guaranteed income (£12,000) would be useable for mortgage purposes and your plans are simply not feasible.

As an adviser I would have to query your need to borrow £255,000 (at 85% LTV) at this stage of your life?