How can a pensioner get a mortgage?

Goosegirl4

I am 69 and need to move house as my landlord has increased my rent yet again. I would be able to afford mortgage payments but building society will only let me have a 6 year mortgage and will not take all my income into account, thought about a buy to let option too. Can anyone offer any advice please?

da_rule

Why would you be thinking about a buy to let option if you want to occupy the house?

da_rule

Also, I'm not sure which lender you approached but this may be of interest: http://www.theweek.co.uk/72405/nationwide-and-halifax-extend-mortgage-age-limits

G_M

da_rule wrote: »

Also, I'm not sure which lender you approached but this may be of interest: http://www.theweek.co.uk/72405/nationwide-and-halifax-extend-mortgage-age-limits

so OP could get a 16 year mortgage with Nationwide subject to affordability.

Cakeguts

Apply to your local council for a retirement flat. Even in areas where there is a shortage of council houses it is often not too difficult to get a single person retirement flat.

moneyistooshorttomention

da_rule wrote: »

Also, I'm not sure which lender you approached but this may be of interest: http://www.theweek.co.uk/72405/nationwide-and-halifax-extend-mortgage-age-limits

That was my first thought too. You won't be eligible for the full 25 years worth (as you are some years into your 60s). So you'd have higher mortgage payments than someone that could get a 25 year term - so I dont know how the figures stack up for you on that?

I'd have probably gone for that myself if they'd brought that in just a few years earlier. I was aware that the banks/etc would have to start doing this - as its basically age discrimination not to. But it hadnt started yet when I turned 60 and decided to take on another 25 year mortgage in order to move house - and I got stymied by the high monthly payments I would have had forced onto me in order to clear a mortgage in just a few years and couldnt do it.

But at least you might have the chance that I was denied because of the delay in introducing 25 year OAP mortgages.

***********

If the figures dont stack up for having to make repayments only over a 16 year period - then I guess a fallback position might be to buy a mobile home? They've certainly got their snags and I wouldnt want one personally - but, on the other hand, they are the lesser of 2 evils compared to continuing to have to rent.

AdrianC

Goosegirl4 wrote: »

I am 69 and need to move house as my landlord has increased my rent yet again. I would be able to afford mortgage payments...

Mortgage interest rates - and thereby payments - are at a historic low. What happens if/when they increase markedly?

What happens when your purchased property needs money spending on maintenance?

You don't say what your income is - I presume it's more than state pension/benefits, so you have a private pension?