66 and live in France. Can we get a mortgage on a second property in the UK?
Posted on 18 June 2013 by Graham
My wife and I are both retired and have a combined total pension of £27250. We live in France and do not intend to sell our home here. However we now need a property in England and have bought a flat for £107,500. If absolutely necessary we could pay cash but would prefer to conserve some capital by taking out a mortgage of £50k over, say, 7 years. We are both 66 and enjoy good health. Do we qualify for a mortgage? Thanks
From your email I understand that your main residence is in France and you have agreed to purchase in effect 'a second home' in England.
The majority of lenders would have been able to help if your intention was to return to the UK permanently, however as this is not the case, they will have to assess the case taking into consideration the expenses on both properties in the UK in France and the cost of living on both sides of the English Channel.
While you may find that if this was your main and only residence in the UK, lending of £50,000 can be given consideration based on your income, the non-residency status will restrict the available options significantly.
However, without sounding too negative, it is worth exploring your holistic financial situation and assess what other assets, if any, are available on the background; your existing financial links with UK banking institutions etc.
If you'd like to speak to one of our consultants about your enquiry, then please let me know and I'll arrange a suitable time for one of them to contact you.
More than mortgages, talk to me about: Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.
YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY DEBT SECURED ON IT.
John Charcol is a trading name of John Charcol Limited and its Appointed Representatives. John Charcol Limited is authorised and regulated by the Financial Conduct Authority. The Financial Services Register number is 665649. Registered in England No. 9157892. Registered office address for John Charcol Limited is 5th Floor, Cutlers Exchange, 123 Houndsditch, London, EC3A 7BU. The FCA does not regulate some investment mortgage contracts. Calls may be recorded for training and monitoring.