New employment but need a tiny mortgage at age 60

jenwren1234

I am due to start a new job in a week when I will earn £16,000 a year. I have a small pension of around 4,000 a year.
I have cash of 400,000 from the sale of my house a few weeks ago and have seen a house I want to buy. However the vendors will not sell for under 430,000
Has anyone any advise for an oldie with a small income for a mortgage or loan please?
I have excellent credit, no other debts of any sort am am currently living with family.
I know that retirement mortgages work on the basis of the actual pension so that wouldn't help, also I clearly haven't started the job yet
Am I scuppered?

MovingForwards

Not necessarily scuppered. A good broker should be able to assist.
If you are unsure about finding one, read through the posts in the mortgage section as there's a few brokers who post. You can approach them but they cannot message you first. 

jenwren1234

Thanks so much that's really kind and helpful of you

DogoTheDog

Yeah I'd say a good broker is your way forward. That's more than doable.

tacpot12

You might also look into borrowing £25K on a personal loan. This might work if you can find £5K from savings or a private loan from a member of your family. 

blue_max_3

As you are 60, could you take a lump sum out of your pension? Being as you have a job now, you could just top up the pension instead of paying a mortgage. That might actually be more tax efficient.
Mortgages usually have a minimum amount you can borrow, as well as maximum.

MovingForwards

Very few institutions allow loans for property purchases.

A lot of mortgage lenders will have lower limits and you will meet that part of their criteria.

Taking a lump-sum from pensions potentially means only a certain amount can go back in.

Sibbers123

jenwren1234 said:

I am due to start a new job in a week when I will earn £16,000 a year. I have a small pension of around 4,000 a year.
I have cash of 400,000 from the sale of my house a few weeks ago and have seen a house I want to buy. However the vendors will not sell for under 430,000
Has anyone any advise for an oldie with a small income for a mortgage or loan please?
I have excellent credit, no other debts of any sort am am currently living with family.
I know that retirement mortgages work on the basis of the actual pension so that wouldn't help, also I clearly haven't started the job yet
Am I scuppered?

The main issue will be the fact it is a new employment, not the numbers involved. Most lenders will ask for a minimum period of employment with the employer as you have very little rights in the first two years of employment.

dimbo61

Find yourself a local whole of market broker and consider an offset mortgage as you maybe able to borrow a little more than you need so you can offset the extra and if you receive any more funds from pensions or income you can build up the funds in the Offset account.