I am 63, my wife 66. We don't work, we have a monthly private pension of £990 per month, but we also have a small mortgage £40k with Santander which is an interest only mortgage, due to expire in two years time. We are just in the process of selling our home, due to exchange in late January 2013 for £590k.
We would like to buy another property for max £450k, (ncluding stamp duty) would it be possible to continue with a small mortgage on a new home similar to the one we currently have ?
Do you have any other suggestions of how to proceed at this stage of our lives ?
Unfortunately over the past few years we have seen lenders take a negative stance on the more mature borrower, which is likely to rule out most of the major high street lenders. However as John Charcol is an Independent, Whole of Market broker, we deal with those lenders who still manually underwrite applications, and can therefore judge each case on its merits.
I would be confident that we can assist you with your enquiry, and if you would like to discuss this in more detail, please let me know and I'll arrange for one of our consultants to contact you.
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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.
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