Obtaining a mortgage when retired

Gettingalife

Currently own a £425k house outright. We are a couple (63/66) with a pension income of £38k gross, excluding state pension that due in a couple of years. We have no debts, approximately £150k accessible capital. We wish to move and need to raise a mortgage of approximately £120k on our current house to facilitate a purchase before selling. Not interested in Equity Release schemes due to plans to sell within a year or two or expensive bridging loans.

Are there options for us, given our age and income?

MovingForwards

Remortgage your current house to free up money for the purchase, repay the mortgage on sale and maintain the monthly payments in the interim.

Speak with a broker to see what deals are around.

Thrugelmir

What do you intend to do with your existing house for a year or two. Let it? 

Gettingalife

Thrugelmir said:

What do you intend to do with your existing house for a year or two. Let it? 

The plan would be for us to carry on living there whilst we carried out obtaining the necessary planning permissions and the subsequent work to the new property and then sell, paying back the mortgage and freeing up capital.