Posted on 26 June 2013 by A.Dodd
I am 76 years old.We have 2 properties mortgage free valued at £600,000 and £360,000 and wish to buy a third property for £250,000. We have the proceeds available of £200,000 but require a loan of £50,000. Is there a way of getting this on short mortgage our total earnings for the year being £38,000 .What do you suggest. AD.
As you are probably aware, many traditional lenders will decline the application because of your age, which seems illogical as you obviously are in a good financial position. Saying that, there are few mortgage options to consider with lenders who more in favour of manual underwriting, and could look at a term of up to 14 years. You mentioned that your income is £38,000 but it will be useful know to know the breakdown – pensions, annuities, investments, rent etc, in order to check how sustainable this is.
It is important to establish the purpose of each property, i.e – main residence, second home or investment which will give us some idea about:
a) Your expenditure on these properties
b) Whether they generate any income for you
Now, I am making an assumption here as to the purpose of these properties and I will assume that the one worth £600,000, the property worth £360,000 is a an investment and the one that you are looking to purchase will be an investment property as well. This is a very common scenario and we can find a solution for you. Alternatively, feel free to give us a call with the specific details and discuss the case with one of our consultant as we can tailor made solutions on a good number of cases.
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