Older mortgage ?

Misteek

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

sammyjammy

It depends on income and affordability just like with a working age person., if pension income is only £900 then are they entitled to pension credit?

teaselMay

You could put the numbers into a mortgage calculator, try Barclays on their website, they accept solely benefit income and up to age 80.

Hoenir

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? 

Did you mistype the income figure? 

TadleyBaggie

Suspect this a monthly figure.

Hoenir

TadleyBaggie said:

Suspect this a monthly figure.

Barely enough to live on . 

poseidon1

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

I was intially refused point blank a Barclays mortgage despite tens of thousands of pounds of annual investment income.

However the moment the state pension came on stream at £ 800+ per month they were happy to pony up £54k mortgage to age 84 albeit this represented only a small fraction of the property value.

If £900 ( per month?) is the entirety of their income, unlikely to pass affordability tests.

 Could look at equity release ( which I will be doing eventually as rates fall ) but if their deposit only covers half the purchase price this would be a challenge also.

Misteek

poseidon1 said:

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

I was intially refused point blank a Barclays mortgage despite tens of thousands of pounds of annual investment income.

However the moment the state pension came on stream at £ 800+ per month they were happy to pony up £54k mortgage to age 84 albeit this represented only a small fraction of the property value.

If £900 ( per month?) is the entirety of their income, unlikely to pass affordability tests.

 Could look at equity release ( which I will be doing eventually as rates fall ) but if their deposit only covers half the purchase price this would be a challenge also.

Sorry everyone I should have clarified it. Its 900 pm.

No other loans etc.

She's never had a mortgage and also a RTB and her son can help with some money too. Maybe gift to her. 

poseidon1

Misteek said:

poseidon1 said:

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

I was intially refused point blank a Barclays mortgage despite tens of thousands of pounds of annual investment income.

However the moment the state pension came on stream at £ 800+ per month they were happy to pony up £54k mortgage to age 84 albeit this represented only a small fraction of the property value.

If £900 ( per month?) is the entirety of their income, unlikely to pass affordability tests.

 Could look at equity release ( which I will be doing eventually as rates fall ) but if their deposit only covers half the purchase price this would be a challenge also.

Sorry everyone I should have clarified it. Its 900 pm.

No other loans etc.

She's never had a mortgage and also a RTB and her son can help with some money too. Maybe gift to her. 

If RTB and her landlord has since given her the sale price valuation, then the clock is rapidly ticking for her to get her act together ( 12 weeks from offer date). 

At only £900 pm income ( sounds suspiciously like the state pension although you don't clarify), it is almost certain her son will have to come up with the lion's share of the purchase price with only a comparatively small contribution from a mortgage, given her tiny income.

You say half value for the house available as deposit, is this what is coming from the son or are these her own monies? If from the son, he may need to dig deeper for this to be a viable proposition. 

Misteek

poseidon1 said:

Misteek said:

poseidon1 said:

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

I was intially refused point blank a Barclays mortgage despite tens of thousands of pounds of annual investment income.

However the moment the state pension came on stream at £ 800+ per month they were happy to pony up £54k mortgage to age 84 albeit this represented only a small fraction of the property value.

If £900 ( per month?) is the entirety of their income, unlikely to pass affordability tests.

 Could look at equity release ( which I will be doing eventually as rates fall ) but if their deposit only covers half the purchase price this would be a challenge also.

Sorry everyone I should have clarified it. Its 900 pm.

No other loans etc.

She's never had a mortgage and also a RTB and her son can help with some money too. Maybe gift to her. 

If RTB and her landlord has since given her the sale price valuation, then the clock is rapidly ticking for her to get her act together ( 12 weeks from offer date). 

At only £900 pm income ( sounds suspiciously like the state pension although you don't clarify), it is almost certain her son will have to come up with the lion's share of the purchase price with only a comparatively small contribution from a mortgage, given her tiny income.

You say half value for the house available as deposit, is this what is coming from the son or are these her own monies? If from the son, he may need to dig deeper for this to be a viable proposition. 

12 weeks from the valuation date? Well she has been given a date for the valuation which will be in 3 weeks. Can she delay it and ask for a different date to get abit more time? The council are struggling with backlogs atm due to high level of rtb1 forms they have recieved.

When I said she has 50 percent. I was referring from the transformer discount as she has lived there for over 30 years. 

Yeah I think she is getting the state pension. 

poseidon1

Misteek said:

poseidon1 said:

Misteek said:

poseidon1 said:

Misteek said:

Can you get a mortgage on a pension income of about 900 pounds? If so what's the maximum. The individual is 65. With a large deposit up to half the value of the house.

I was intially refused point blank a Barclays mortgage despite tens of thousands of pounds of annual investment income.

However the moment the state pension came on stream at £ 800+ per month they were happy to pony up £54k mortgage to age 84 albeit this represented only a small fraction of the property value.

If £900 ( per month?) is the entirety of their income, unlikely to pass affordability tests.

 Could look at equity release ( which I will be doing eventually as rates fall ) but if their deposit only covers half the purchase price this would be a challenge also.

Sorry everyone I should have clarified it. Its 900 pm.

No other loans etc.

She's never had a mortgage and also a RTB and her son can help with some money too. Maybe gift to her. 

If RTB and her landlord has since given her the sale price valuation, then the clock is rapidly ticking for her to get her act together ( 12 weeks from offer date). 

At only £900 pm income ( sounds suspiciously like the state pension although you don't clarify), it is almost certain her son will have to come up with the lion's share of the purchase price with only a comparatively small contribution from a mortgage, given her tiny income.

You say half value for the house available as deposit, is this what is coming from the son or are these her own monies? If from the son, he may need to dig deeper for this to be a viable proposition. 

12 weeks from the valuation date? Well she has been given a date for the valuation which will be in 3 weeks. Can she delay it and ask for a different date to get abit more time? The council are struggling with backlogs atm due to high level of rtb1 forms they have recieved.

When I said she has 50 percent. I was referring from the transformer discount as she has lived there for over 30 years. 

Yeah I think she is getting the state pension. 

It seems the Labour government  deliberately introduced a new three week window terminating on   21 November 2024 for applications under the old discount levels, precisely to try and minimise the inevitable avalance of people suddenly  waking up to a generous benefit soon to be significantly curtailed. 

Perhaps had you lead this thread with the fact this is a RTB scenario, with the clock counting down rapidly  in trying to construct a meaningful buying strategy, we may have got to heart of the issue sooner.

As it now stands, the outlook seems bleak without a large inward lump of money from son. Mum is unlikely to present an appealing prospect for mortgage lending in her own right, notwithstanding the sizeable discount on the property value.

 She is going to fail mortgage lending affordability criteria by a country mile.

 The days when lenders irresponsibly handed out mortgage funding on the basis of a nod and wink are long since past, and one can expect an almost forensic analysis of one's income and expenditure before seeing relatively modest loan offers  made in these kind of circumstances.