Mortgages for the middle aged/early retired?

Hi, we’re looking to get our own house again as we’ve managed get a good deposit together. I’d happily stay renting where we are, but I’m behind why getting our own place has benefits long term for us.

I’m recently retired on ill health at 54, wife is 47.  Soft searches online are coming back with 15 years max from some lenders (makes sense), not interested from others.

Anyone had experience in a similar position? Is it worth going via a broker, and are there ‘specialist’ broker for older borrowers to look for?

We’re in Scotland if it makes any difference. My wife’s actually the one doing the investigating, so my knowledge/interest is fairly limited as to where she’s looked.

The length of the term will be questioned if it goes in to your wife’s retirement as they will question how you ar going to pay the mortgage once retired (we just had that). If your wife’s salary can cover the mortgage and all over expenses along with whatever you get, then you should be able to get a mortgage, but might depend on loan to value ratio as well

Yeh, well we (will have) both have local government pensions, plus the state pension at that age, so what I’d consider a decent income.

Looking to get £130k max mortgage with £70k deposit, so up to £200k max house price.

Anyone had experience in a similar position? Is it worth going via a broker, and are there ‘specialist’ broker for older borrowers to look for?

We’re in Scotland if it makes any difference.

I’ll DM you the details who I used – similar age for a first mortgage and unconventional circumstances – he’s the self declared ‘Wizard – the  “***ing Harry Potter of Mortages”

EDIT : Actually no I won’t – DMs seem to have vanished – guy@bestmortgagedirect.co.uk

Cheers, found their website. Dumfermline yeh?

@maccruiskeen Guy will get back to us Wednesday, currently on holiday in Puerto Rico. Mortgages obviously pay well lol!

FWIW,

I was in a similar position when we moved in 2020. Broadly the same ages, slightly smaller figures involved. We didn’t have any problems getting a mortgage approved from several places. The mortgage advisor we used was great, he did a ton of work for free. I questioned this, he said “if I give free advice to ten people, and eight take me up on further services, I’m in the black.” A few hundred quid to save me thousands sounded perfectly reasonable to me. If “Guy” falls through I’ll dig out his details.

In fact,

carl@penninemortgages.co.uk

Top drawer service, cannot recommend highly enough.

Cheers.

My wife has got some other options back now with up to 19 years which will be a help, but happy to wait for Guy to get  back to us to see if there’s better deals.

Going to view somewhere next week we did a drive by nosey on today that ticks all our boxes, and a good chunk below our max too, so fingers crossed.