mortgage advice for over 50's

colcolg

Hi - desperate to sell our house asap - we are both 54 and currently do not have a mortgage on our current property (its fully paid for).  The area is becoming really run down though and we have awful neighbours, hence the desperation to sell.  We can possibly get approx £100k for this house and will want to buy a house for approx £220k.  We could not afford this at the moment but next year when we are both 55 we can access some pension money of about £30k lump sum plus about £450pm which will make it affordable.  Trouble is, we dont want to wait that long so are there any mortgages we can get which take this future money into account?  something where we dont have to pay much the 1st year until we get our funds next year?  sorry if its a stupid question but we havent had a mortgage for many years and doing research online is an absolute minefield.

[Deleted User]

No. Savings and future incomes aren't taken into account. You'll need to pass affordability today.

colcolg

Deleted_User said:

No. Savings and future incomes aren't taken into account. You'll need to pass affordability today.

thanks for this - we have already passed the affordability and had a mortgage in principle (sorry, should have mentioned this) but despite this, it would be a struggle to pay - might just have to take the hit for a year until we can access the other cash - cheers

K_S

colcolg said:

Hi - desperate to sell our house asap - we are both 54 and currently do not have a mortgage on our current property (its fully paid for).  The area is becoming really run down though and we have awful neighbours, hence the desperation to sell.  We can possibly get approx £100k for this house and will want to buy a house for approx £220k.  We could not afford this at the moment but next year when we are both 55 we can access some pension money of about £30k lump sum plus about £450pm which will make it affordable.  Trouble is, we dont want to wait that long so are there any mortgages we can get which take this future money into account?  something where we dont have to pay much the 1st year until we get our funds next year?  sorry if its a stupid question but we havent had a mortgage for many years and doing research online is an absolute minefield.

@colcolg It probably won't work with the numbers you have but in principle at < 60% LTV you could potentially look at a lender that will do interest-only (or part repayment, part interest only) based on your pension pot. But probably a lot of faff to avoid waiting for less than a year.

Perhaps you could sell now, move into a rental and then once your pension lumpsum is available and the pension payment kicks in next year, then look at buying.

colcolg

hi - just a quick update - we spoke to a mortgage broker who suggested a flexit mortgage with leeds bank - looks like a good product for us