{"id":114938,"date":"2020-03-16T14:00:20","date_gmt":"2020-03-16T07:00:20","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-wife-and-i-still-work-what-mortgage-should-we-get\/"},"modified":"2020-03-16T14:08:43","modified_gmt":"2020-03-16T07:08:43","slug":"my-wife-and-i-still-work-what-mortgage-should-we-get","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/my-wife-and-i-still-work-what-mortgage-should-we-get\/","title":{"rendered":"My wife and I still work \u2013 what mortgage should we get?"},"content":{"rendered":"


\nI already receive two pensions and am due a third and we\u2019re thinking of going for a lifetime mortgageQ I\u2019m a 64-year-old man in full-time employment earning around \u00a355,000 a year. My wife is 59 years old and a self-employed beauty therapist, earning around \u00a37,000 a year. I already receive two pensions from previous employment which gives me about \u00a37,500 a year before tax and, if I retire in July next year, I am due a further pre-tax pension of about \u00a35,000 a year. I do, however, have the option to carry on working. We have a \u00a3190,000 deposit to buy a house but require another \u00a390,000 to complete the purchase. Is it possible to get a lifetime mortgage to cover the extra we need, or is this type of mortgage just for existing homeowners? If it is, are there any alternative lending schemes on the market?GRA Yes, it is possible to take out a lifetime mortgage \u2013 a form of equity release \u2013 to cover the extra \u00a390,000 you need. And you don\u2019t have to be an existing homeowner to be eligible for a lifetime mortgage (where the mortgage carries on until your death or the point at which you move into a care home). However, a lifetime mortgage may not be the best option. According to independent mortgage brokers, Clifton Private Finance, you\u2019re a bit young to be considering a lifetime mortgage. And you could save money by opting for a retirement interest-only (RIO) mortgage instead. Designed \u201cto keep repayment costs down for older borrowers on pension income\u201d, says Clifton Private Finance, RIO mortgages mean that your monthly mortgage payments are repayments of interest only with no repayment of capital. If you went with \u201cone building society which is offering a RIO mortgage at 2.79% interest per month, your monthly payments [on a \u00a390,000 loan] would be an affordable \u00a3209 a month\u201d. You would also have the option to repay up to 5% of the amount you borrowed each year should you find that you have cash to spare. Compared to equity release borrowing \u2013 in the form of a lifetime mortgage \u2013 the building society\u2019s RIO mortgage deal \u201cwould be roughly half the cost\u201d. Continue reading…
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\nSource : theguardian.com
\nRead more…My wife and I still work \u2013 what mortgage should we get?<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

I already receive two pensions and am due a third and we\u2019re thinking of going...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114938","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tTQ","jetpack-related-posts":[{"id":66766,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/monarch-pilots-pensions-slashed-in-move-to-ppf\/","url_meta":{"origin":114938,"position":0},"title":"Monarch pilots\u2019 pensions slashed in move to PPF","date":"January 10, 2015","format":false,"excerpt":"\r A deal to offload the airline\u2019s pension scheme means that the pilots\u2019 retirement plans are wreckedJames Connor was just two years away from his planned retirement when he received the bombshell news that he would be losing more than 60% of his expected pension at a stroke.Connor had spent\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":31816,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/we-want-to-use-our-pensions-to-pay-a-mortgage-but-what-if-we-end-up-in-care\/","url_meta":{"origin":114938,"position":1},"title":"We want to use our pensions to pay a mortgage, but what if we end up in care?","date":"October 27, 2016","format":false,"excerpt":"\r My wife and I are unsure whether our pensions would have to be used to cover care home costsQ My wife and I are considering downsizing to move nearer to our daughter. 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