Posted on 24 October 2014 by Rog
We wish to upgrade to a larger house and would like to let out our current one. We are looking for a loan/mortgage of £370,000 which can be covered by our monthly income. Is this possible at aged 65 and 67 respectively?
Lenders attitude to mature borrowers has been under the spotlight in recent months, and you are to suspect that this isn't going to be straightforward. You don't mention if the loan is to be on the existing property, the new one, or split across the two, which would be a factor when looking at lenders.
There are still some lenders out there with a more enlightened approach, and who underwrite cases manually. and can therefore judge a case on its individual merits.
If you'd like to discuss your options in more detail, then please contact one of our consultants on 0344 346 3672 and they'll be able to give you an idea of how we can help.
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.