Posted on 7 October 2012 by jane wearing
My divorced partner is still on the mortgage of his ex-wife's home (mortgage £430k at rate of 0.5% but she has to pay the instalments and agreed to indemnify him). He has a £300k deposit, earns £150k pa and is 56 years old, retiring at 65 and has a pension fund currently of £850k. Want to buy a property for £500k. Can he obtain a mortgage for the £200k?
It is certainly possible to raise the level of mortgage required. However the crucial choice is which lender and which product are the most appropriate for your particular circumstances. Many lenders are quite restrictive in their criteria for borrowers in their 50's, particularly if they wish to take the term of the mortgage over their stated retirement age.
However as John Charcol is a 'whole of market' broker, we can find the lender and product that is most suitable for your requirements. If you should wish to discuss this matter in more detail then please let me know and I'll arrange for you to speak with one of our consultants.
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.