Mortgage for over 60

cjv

I think in your situation it would certainly be a better idea to find a good Mortgage broker rather than try and go it alone. They will be able to look at your circumstances in detail and let you know what your options are.

Thrugelmir

oldernonethewiser wrote: »

The rental/mortgage costs are comparable which is why I am asking if anyone in a similar situation has a recommendation of any lender(s)

Two issues spring to mind.

Firstly with ownership comes maintenance costs of the property. Something the LL has responsibility for in a rental.

Secondly interest rates may rise. Which could impact affordability.

The amount you wish to borrow maybe the biggest challenge. With a secure pension and a state pension due in a few years time. Should be options available to you. Suggest you speak to a mortgage broker. They'll be best placed to find the lenders that are most suitable to your circumstances.

oldernonethewiser

Thanks for thoughts.


Got an appointment with a broker later this week.


Much to ponder.

tlc678910

Hi,
You could look into shared ownership and shared ownership for older persons. With SOOP if you own 75% of the property (your deposit and the mortgage) there should be no rent to pay on the remaining 25%.

You can make enquiries through your local agent
https://www.helptobuy.gov.uk/shared-ownership/

Tlc

seriouslyunsurprising

How much do you want to borrow? My dad's just got a 10 year mortgage with Santander borrowing £30k and he's in his mid 60s

oldernonethewiser

Shared ownership doesn’t appear to be an option where I am looking but thanks for mentioning it.

I looked at Santander and will mention it to broker although looking at considerably more money than your father borrowed.

oldernonethewiser

Thought I should update this thread, to be honest had completely forgotten about it.


Saw a couple of mortgage brokers, one charged a fee and one was no charge.


The no charge one was nigh on impossible to get hold of, by phone or email so ended up paying for advice. There are plenty of options out there and I had loads to choose from. Ended up having to borrow less than I originally intended and my outgoings are, currently, very manageable.



So far so good.