Hi,
I'd be most grateful if anyone could help me with the following.
I am just about to take the plunge and go for purchasing a second property (we are intending to let out our existing home). My FA has advised me that I can get a mortgage of up to £175000 over 14 years (which takes me up to 65 years). I have a top credit score, steady employment, no dependants. This would make my monthly payments around £1400 per month. I am confident that I can afford this as I take home around £3000 per months-but how would lenders view this? I am due to retire at 66 but will have a private pension of around £25,000 plus lump sum of around £30K plus a second property which will be paid for (current value £150,000) would a lender be likely to extend my borrowing into retirement if they deemed the £1400 payment beyond their affordability criteria? I am very pleased with my FA but now it is getting to the crunch point I am trying to cover all eventualities!
I'd be most grateful if anyone could help me with the following.
I am just about to take the plunge and go for purchasing a second property (we are intending to let out our existing home). My FA has advised me that I can get a mortgage of up to £175000 over 14 years (which takes me up to 65 years). I have a top credit score, steady employment, no dependants. This would make my monthly payments around £1400 per month. I am confident that I can afford this as I take home around £3000 per months-but how would lenders view this? I am due to retire at 66 but will have a private pension of around £25,000 plus lump sum of around £30K plus a second property which will be paid for (current value £150,000) would a lender be likely to extend my borrowing into retirement if they deemed the £1400 payment beyond their affordability criteria? I am very pleased with my FA but now it is getting to the crunch point I am trying to cover all eventualities!