not2old

suppose as an expat we'd returned last week (no credit score yet, but we are on the voters list) - my wife & I are between the ages of 65-70, retired on state pension+ wanting a 45% LTV on a 150k property, we know our income can service the mortgage.

Can we get a mortgage at a rate similar income to an ex pat (back in the UK one week) under the age of 50 - yes or no?

If its a no - why?

How would we qualify for a mortgage loan?

mayhemuk

The answer is in theory Yes. If your income etc can support the loan.
The problem comes with finding a lender who's criteria allow it and have a product available.

You say your income can service the mortgage? On interest only or repayment terms? Since on repayment terms you'd have to pay of 60k+ in as little as 5 years.
How old is the oldest part to the mortgage? If one of you is 68 and the other has passed their 70th birthday on standard residential products for most lenders you won't get a loan because there's a minimum term of 5 years and a maximum age of 75.

The income has to fit with the lender criteria. IE some do not accept interest on deposits it has to be annuity/pension income. So if you have state pension and other self invested deposits you might not qualify.

The above are just a couple of the potential questions you have to navigate.

It is also why lending into retirement and beyond has a specific qualification and specialist advisers.

That's why you should see suitable broker. A good one will do their best to prequalify you and select a lender appropriately or pass you on to a suitable specialist if it's entering that area of need.

brits1

Hi Banks do offer expats Mortgages if overseas but the rates are higher and you have to been in employment. We had this offered to us while overseas but we decided to wait until our return and then have a good look around at homes and areas first. We were offered a mortgage with a few banks on our return even though my husband works overseas and is paid from an overseas company.

bigglesworth

You do not necessarily have to have a job, but you do need an income - so a pension will do. We were offered several at the turn of the year, and I wanted to see what my situation was if I did not take another contract. The rate was higher - but that might be because the extra charges were more obvious than in a normal mortgage.
Charges are higher, because
1/ their costs are higher (they say).
2/ the default rate is higher (they say).
But mostly because
3/ they can (which they don't say).

brits1

I can understand why banks might charge more as a lot of expats are "flight risks" (I knew of a few people just upped and left) You don't have to be in employment but you do need to show you have the money in place to repay the loan and obviously show all evidence of that.