Buying a new house when retired.

TheShogunTokugawa

We are both retired in our early 70's and live in a £300k bungalow (paid for) but wish to upsize to a £800+ bungalow/house. We are looking for an interest only mortgage so that on our joint deaths the new bungalow/house will revert to the lender to pay off the capital since we have no dependants. We have a deposit of just under £200k.and can afford monthly repayments of up to £2000 or maybe more.  We are not looking for equity release on our present home. Does anyone know a suitable lender who will do such a deal?

kingstreet

I'd use a broker. There are several retirement interest-only options and a view of them would save you overall. A broker authorised in later life lending might be better as they can contrast and compare with interest roll-up options as well, even though you might not fancy that.

MWT

I agree with kingstreet, you need a broker who is experienced in this field to help you navigate the options.

If you are selling your current property and have an additional £200k to add in then you should have plenty of options, including the ability to use equity release on the new property and potentially not have to pay anything each month, which would help deal with the relatively tight, individual affordability tests you might otherwise face for an interest-only product.