Buying first house when retired or something else.

GREYONE

at 60+ I plan to buy my first home when my siblings and I finally plan to sell the family house and go our separate ways. over 7 years ago I was made redundant and have been procrastinating about finally retiring. I am also planning on taking financial advice very soon on my situation.

My question is this. Will house buying be earlier for me if I am retired rather than stay unwaged/unemployed and if so how?

Brie

Easy enough to buy a house at any age if you have the cash to do so.  If you need a mortgage then you'll need to show an income which would be your regular pension being paid to you.  Whether a mortgage is easy to get at 60+ is another question - some providers may rule you out completely particularly if you are looking for a long mortgage term.

elsien

Who is living in the family home at the moment?

RHemmings

Brie said:

Easy enough to buy a house at any age if you have the cash to do so.  If you need a mortgage then you'll need to show an income which would be your regular pension being paid to you.  Whether a mortgage is easy to get at 60+ is another question - some providers may rule you out completely particularly if you are looking for a long mortgage term.

(my emphasis)

This has been my experience. Easy to buy a house if you have the cash. One estate agent took time to convince me that in the current market with mortgages falling through left right and centre, cash is king and I am a potentially valuable buyer for the right vendor and EA. However, the OP hasn't clarified their financial position yet. 

When I had a long talk with a mortgage provider, my age didn't seem to be a problem. But, the 60s are 'old enough' that being up the other end of the 60s from me will probably make a big difference. I have had an EA point out to me that mortgages up to age 80 were happening now. The thought of still having a mortgage at 80 fills me with horror. That doesn't mean that it won't work for others. 

GREYONE

Thanks. I have the cash to buy without the need for a mortgage. So I'll go with your opening line. Thank you.

RHemmings

GREYONE said:

Thanks. I have the cash to buy without the need for a mortgage. So I'll go with your opening line. Thank you.

Do you have the cash to buy without a mortgage now, or do you need to have the family home sold first? 

GREYONE

Hello. I have the cash to buy without selling the family home. I am also wondering about obtaining insurance for a property. Could I expect any difficulties obtaining insurance if I was unemployed?

RHemmings

GREYONE said:

Hello. I have the cash to buy without selling the family home. I am also wondering about obtaining insurance for a property. Could I expect any difficulties obtaining insurance if I was unemployed?

As far as having cash to buy a house without selling the family home, you're in a good position. 

I've heard of car insurance premiums being higher for people who are unemployed. I don't know if that happens for house/home/buildings insurance. 

Silvertabby

GREYONE said:

Hello. I have the cash to buy without selling the family home. I am also wondering about obtaining insurance for a property. Could I expect any difficulties obtaining insurance if I was unemployed?

Are you actively seeking work?  If not, then you are 'retired' rather than 'unemployed'.

GREYONE

elsien said:

Who is living in the family home at the moment?

Just me and my sister. We plan to start the move when all is well for us both.

RHemmings

GREYONE said:

elsien said:

Who is living in the family home at the moment?

Just me and my sister. We plan to start the move when all is well for us both.

Welcome back after a year. How have things progressed since jou last posted in this thread?