Ask an Property Solicitor. Get an Answer ASAP.
Hi thank you for your message, a 10% deposit is generally the minimum so more than that is larger than normal, I would anticipate however, a deposit of at least 25%. The issue here is that the mortgage company will want a short term to take into account your age, that said if they can see that in retirement you will have a set income for example through a guaranteed amount coming from a pension then they might not be so concerned about the term length. There are also other options for example an interest only mortgage where you just pay the interest on the amount borrowed and nothing towards the capital amount and then repay the capital when the property is sold, you can also take out an insurance policy to repay the amount outstanding thus reducing the risk to the lender. Other options include borrowing against your pension. There are therefore a number of options but you will need a specialist therefore I recommend contacting a mortgage broker who can talk through your options, one of the largest in the country is L&C and their initial advice is free they can be contacted here: https://www.landc.co.uk/?gclid=EAIaIQobChMI3MD83r_b5QIVhrTtCh3lvAZ1EAAYASAAEgLXXPD_BwE
I hope this helps, if you can please accept my answer and rate me 5 stars (in the top right of your screen) then Just Answer will credit me for helping you today.
Glad I could help, take care.