Mortgage - sort of ?

chaka1970s

kingstreet said:

In which case a residential mortgage is going to depend on you having a verifiable income to demonstrate affordability for the amount you need to borrow.

Thanks for your reply. I can actually pay for it outright, but I just didnt want to lay out the full capital. I will have to look at another way if thats the case, or not bother at all, but thanks anyway.

Cheers

chaka1970s

CSI_Yorkshire said:

chaka1970s said:

jlfrs01 said:

I recently got a 25 year mortgage at age 55 so unless you've no income stream for a lender to take into account then age should be no barrier.

Yes, I dont have an income stream, also 62.

If you have no income, how would you pay any mortgage or loan anyway?

I have the money as stated.

Andreg

If you already have the money, why would you want to borrow it?

MWT

chaka1970s said:

kingstreet said:

In which case a residential mortgage is going to depend on you having a verifiable income to demonstrate affordability for the amount you need to borrow.

Thanks for your reply. I can actually pay for it outright, but I just didnt want to lay out the full capital. I will have to look at another way if thats the case, or not bother at all, but thanks anyway.

I can understand that you don't want to put a large percentage of your savings into the house, but if things changes and you needed cash some time later, you would have the option at your age of something like Equity Release.

So if that it something you would value, make sure the property you buy is suitable for that sort of product even if you don't need it now...

Emmia

chaka1970s said:

Emmia said:

Do you have the money to buy the property outright, or to pay for most of it

Mortgages don't have to last for 25 years, you can have shorter terms, (although the payments are higher each month as a result) whether that's viable will depend a bit on the amount you want to borrow, and the term.

What about an offset mortgage?

I am not employed I am now 62 soon to be 63. How do they work ?

Your savings offset the amount you borrow, reducing your interest. At least YBS and Barclays offer them.

https://www.moneysavingexpert.com/mortgages/offset-mortgage-calculator/


Whether you'd get one with no income* (and presumably no ability to put money in a savings account each month) is a different matter. 


*if you're not employed, what income do you have? Benefits? Pension? What do you live on at the moment? Even if you're mortgage free, there are still bills to pay for utilities, council tax, food, etc.  how do you plan to cover those costs?