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Ask an Expert I plan to work past retirement, what are my chances of getting a mortgage?

I plan to work past retirement, what are my chances of getting a mortgage?

Q: I am looking to sell my property and move to property close by . I will have £25,000 from my sale and would be looking for a mortgage around £200,000 on my yearly income of £56,000- £58,00 . I am 47 years of age and intend to work past retirement . What w

A:

From the information you provided I certainly think it is possible for you to get a mortgage. If you are buying for say £225,000 and borrow £200,000 this is 88% loan to value which is pretty much the highest you can borrow now. With your income of £56,000 per annum, this represents an income multiple of 3.6% which is perfectly acceptable with most lenders. However this does depend on what liabilities/debts you have? For example if you have outstanding balances on credit cards and loans that will be active when you apply for the mortgage, this will increase the income multiples and reduce your borrowing capacity. Your age is not an issue depending on how long you are looking to take the mortgage over? You could take the mortgage over 20 or 25 years providing you can explain to the lender how you will repay the mortgage into retirement age? Obviously you will need to have a good credit qualify for a mortgage, this has become more important over the last 2/3 years. Interest rates at this level vary depending on what you want, fixed or tracker for example? One example would be a 2 year tracker at 5.29% over the base rate, to give you a current pay rate of 5.79%. The lenders arrangement fee is £199.

These questions are for information purposes only and do not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration
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The overall cost for comparison is 4.46%

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This Month’s Top Variable Rate

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Period: 2 years

Rate will revert to a variable rate, currently 4.99% thereafter
The overall cost for comparison is 4.37%

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Some of this month's top interest rates are listed above; the actual rate will depend on your circumstances. Please note that this information does not contain all the details you need to choose a mortgage, ask one of our advisers for a personalised key facts illustration on 020 7519 4900. The rate displayed may become out of date at short notice.

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