I'm 76 and need a £50,000 mortgage. Can you help?

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.

Dear 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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