Mortgage

[Patch49]

Can someone who is about to retire get a mortgage? We live in a tied cottage and will need to buy somewhere else to live.

[SCARFACE]

are currently residing in the U.S.?

[Patch49]

No - England

[OBonio]

It's more difficult as your pension won't be as much as your current income I suspect.  Lenders like to see that the borrower will be able to pay off the loan before they retire, though I'm sure some will.  See your local IFA for some 'free' advice.

[Eeeek]

Until very recently I worked in the mortgage dept of one of the UKs biggest banks. We would lend up to a maximum age of 75 (with a minimum mortgage term of 5yrs) and you could either self certify your earnings. pension/investments etc providing you had a min 20% deposit. Alternatively if you do have pension income that can be evidenced then you could borrow based on that up to a maximum 95%ltv.  So, in a nutshell, providing you are 70 or under and have some sort of income and deposit you should be able to get a mortgage as easily as the next person.