Small Mortgage for Retiree?

OldLady_2

Looking for advice please. We want to move home, but would need to borrow about £18k to fund this. We are both retired and late 60s, but do have enough of a pension income to fund a small mortgage. Has anyone had experience of obtaining something like this? So far we either arent eligible because of age/being retired or because we arent borrowing the minimum loan amount. We are in Scotland. Any help or suggestions appreciated! Thanks

cattie

The majority of the mortgage lenders will not consider a mortgage of less than £30k (could even be a bit higher now as this was the mininum amount a few years back in England)

ACG

There are lenders who will do it, but you are probably looking in the wrong places. I think most high street banks are not really geared up for lending post retirement.

It might be worth having a look at some building societies who can take a more manual approach to underwriting - or speaking to a broker, to let them do the research/application on your behalf.

lassfarfromhome

I think Nationwide is in the process of launching a couple of interesting mortgage products for retirees. Worth looking at them.

dimbo61

Depending on your income you could consider an offset mortgage.
Borrow the minimum amount say £30,000 and put the Extra money in the offset.