Is it possible to get a mortgage or re mortgage at 53 and only working part time and now a low earner?
Wife and I both work part time, own our own house, though technically still have a mortgage account (deeds in deedstore so still owe £125.00) using savings at the moment to live on plus part time earnings after taking redundancy, I have a deferred pension which would like to delay asking for for as long as possible.
Happy to be working part time not really looking to get back into full time work, but thinking of borrowing against future pension but not sure if this is possible? Are there any options we could consider if we wanted to borrow say 25% of the value of the property which is worth about 100K?
My thinking is as things stand, I may have to ask for pension at age about 56/57 but if I borrowed 25K to allow me to defer asking for pension by say another 2/3 years this might make some financial sense but not sure if this is feasible?
Wife and I both work part time, own our own house, though technically still have a mortgage account (deeds in deedstore so still owe £125.00) using savings at the moment to live on plus part time earnings after taking redundancy, I have a deferred pension which would like to delay asking for for as long as possible.
Happy to be working part time not really looking to get back into full time work, but thinking of borrowing against future pension but not sure if this is possible? Are there any options we could consider if we wanted to borrow say 25% of the value of the property which is worth about 100K?
My thinking is as things stand, I may have to ask for pension at age about 56/57 but if I borrowed 25K to allow me to defer asking for pension by say another 2/3 years this might make some financial sense but not sure if this is feasible?