Retirement income and mortgages
Whether you’re buying a new house at 25 or 65, your lender will want to know that you can repay the mortgage in full.
Some lenders will let you to take out a mortgage that you’ll still be repaying after you have retired. You might also be able to arrange a new mortgage, even after retirement. This often depends on your retirement income.
Retirement income is the name given to money you have coming in after you have retired.
Working out your retirement income
To calculate your retirement income, work out your:
- Expected income from pensions
- Any weekly or monthly state pension payment
- Any other income from property or investments
Make your lender aware of all of these income types when you want to apply.
Proving your income to your lender
When considering your application, your mortgage provider will need to see evidence of your retirement income.
For workplace pensions, you’ll need to provide a pension forecast or annuity statement, as well as a statement for your State Pension.
If you are still working, but planning on retiring soon, you may need to show evidence of both your current income and what you’ll have when you’ve retired.