We are OLD! lol

[ameritas]

Hello everyone, my first post here, looking for some help and advice. I tried to find something which mirrored our situation but did not have much luck so please forgive me if I am duplicating anything answered before. My husband is American, with a residence permit for the UK, I am Scottish born and raised....we are currently renting here in Scotland, but if there was still a chance to buy in our advanced years we would like to very much. I am 68 and my husband is 74, (he's younger than Ringo Star or Mick Jagger) We have a total of 5 pensions between us......this was why we moved to Scotland as we figured we could afford it on our joint pension incomes. How would a building society, bank etc. look at us as good/bad risks? We would like a nice little home with space and a good garden for our Golden Retriever. Thank you all in anticipation and again I emphasise this is in Scotland as I know the laws are different.

 

[diyhelp]

This is a rather unique situation but I would guess that any mortgage company would look at your financial income as they would any other customer. In many ways, your pension income is more stable than traditional employment income. The only problem you may have is the length of mortgage. As a side note, is there any way in which you could take a lump sum from your pensions to put towards a property?

 

[ameritas]

This is a rather unique situation but I would guess that any mortgage company would look at your financial income as they would any other customer. In many ways, your pension income is more stable than traditional employment income. The only problem you may have is the length of mortgage. As a side note, is there any way in which you could take a lump sum from your pensions to put towards a property?

Thank you for your reply! Sadly, no, his biggest one is a US military retirement, the pension is monthly until my husbands death then it transforms to a lump sum, his second pension is the equiv of a Brit civil service pension, with a monthly payout and a lump sum to me upon his death. Thirdly is his equiv of the Brit pension i.e. his Social Security, which I will continue recieving when he dies. Mine are my Brit pension and my US Social Security. If truth be told we are both worth more dead than alive LOL. Thanks again.

 

[FWL]

Surely there are companies who specialise in, how can I put this, mortgages for the more mature couple? As the trend living longer continues, surely this will be an issue for more and more people going forward?