Home purchase mortgage for retired couple

thebullsback

As a couple 66 and 70 both retired only income is from pensions 36K after tax.
Our property will be sold hopefully value 110k 
Looking at properties up to 190k 
we can put 80k deposit down.
What are our chances and would we be better with a independent Broker?  
Thank you for reading .

born_again

Broker it will have to be. As most lenders will not go past 70.

Brie

You hope to sell for £110k but will only be using £80k towards the new house?  Obviously the better LTV you have the more likely you will get accepted somewhere.

And is either you in receipt of income that will end with you?  This may be a major factor.  I'm assuming you both might be getting state pension of maybe £12k but when one of you die (later rather than sooner hopefully) will the other be able to afford the mortgage still?

And finally, sounds like your upgrading or upsizing rather than downsizing - not the standard thing at your time of life.  (not prejudiced, I'm at mid point between you, just commenting)

thebullsback

Thanks for comments,
We could put more down as deposit but that would leave us basically depending on monthly pension income.
Not up grading in any way just the area we are now in has sadly gone down the pan so hopefully we get out .

grumpy_codger

https://moneyfactscompare.co.uk/mortgages/guides/mortgage-tips-for-over-70s/

MWT

thebullsback said:

As a couple 66 and 70 both retired only income is from pensions 36K after tax.
Our property will be sold hopefully value 110k 
Looking at properties up to 190k 
we can put 80k deposit down.
What are our chances and would we be better with a independent Broker?  
Thank you for reading .

Talk to a broker that can deal with retirement interest only products (RIO).

The problem is affordability, as it will be tested against each life individually to see if it is viable given only one of you survives and I don't think you'll get to the sort of number you need.

You can use equity release to purchase a home, but again given the age of the youngest life it is going to be difficult to get the amount you want.

No harm in talking to a broker to see how much they think you could get though...