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Mortgage for OAPs
Options
Sootoo
Posts: 26 Forumite
Hi
Just a bit of advice required really.
We currrently live in Bulgaria - we own a property in UK (mortgage free) which is currently rented out, my husband (aged 65) is on a pension of approx £25,000 and I earn approx. £10,000 pa self employed which I declare through HMRC.
We are thinking of relocating back to UK, selling our current property and applying for a mortgage so we can buy a bigger house. Property value to be about £250k with a mortgage of £100k.
My husband has banked with Nationwide for over 10 years and all his income is paid there - he uses his daughters address as a postal address. I have banked with First Direct for over 20 years and all my income is paid in there. I use my mums address as my postal address.
My main concern is that we have no credit history in the UK i.e we wont be on any electoral rolls and we have no loans or anything - have been in Bulgaria for 11 years - will this be a problem and is there something we can do now to help.
Many thanks
Just a bit of advice required really.
We currrently live in Bulgaria - we own a property in UK (mortgage free) which is currently rented out, my husband (aged 65) is on a pension of approx £25,000 and I earn approx. £10,000 pa self employed which I declare through HMRC.
We are thinking of relocating back to UK, selling our current property and applying for a mortgage so we can buy a bigger house. Property value to be about £250k with a mortgage of £100k.
My husband has banked with Nationwide for over 10 years and all his income is paid there - he uses his daughters address as a postal address. I have banked with First Direct for over 20 years and all my income is paid in there. I use my mums address as my postal address.
My main concern is that we have no credit history in the UK i.e we wont be on any electoral rolls and we have no loans or anything - have been in Bulgaria for 11 years - will this be a problem and is there something we can do now to help.
Many thanks
0
Comments
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Yes it will be a problem, but not one that does not have some options.
Consult a good Mortgage Broker.I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You will have some credit history (nationwide/FD bank accounts).
You have income evidence.
It will not be the easiest to place, but there should be options on the face of it.I am a Mortgage AdviserYou should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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