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Ask Jeremy Aldermartin Your Own Question
Jeremy Aldermartin
Jeremy Aldermartin, Solicitor
Category: Property Law
Satisfied Customers: 1988
Experience:  Dual qualified Solicitor and Attorney
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I would like to buy a property at 60. Are there any options

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I would like to buy a property at 60. Are there any options for us?
Assistant: What steps have you taken so far? Have you prepared or filed any paperwork?
Customer: No. This is absolutely my first thought about it tiday
Assistant: Where is the property located?
Customer: Looking at South east London. Have not found one. Interested in possibilities of getting a mortgage...
Assistant: Anything else you want the Lawyer to know before I connect you?
Customer: Hello. As a 60 Yr old, is it easy to get a mortgage?
Hi thank you for your message, at 60 age will be a major factor. Are you employed, self employed, retired? Could you put down a large deposit?
Customer: replied 13 days ago.
I am employed as a Registered nurse, (Agency) and can put down a deposit. What is considered a "large" deposit??
Customer: replied 13 days ago.
I would rather ask a few qs at this stage thanks.

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:

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Customer: replied 13 days ago.
Thank you

Glad I could help, take care.