It wasn’t in our immediate plans, although at our age, we knew we wouldn’t be able to live on the narrow boat forever. The perfect little house came on the market. Quiet street, great location, affordable, structurally sound, move in shape with some cosmetic only changes needed. Only 1 1/2 blocks from our cool little village, walking distance to Booth’s, Sainsbury, Aldi, bus stop. I don’t drive due to eyesight, so it gives me independence. We made an offer which was accepted.
We spoke to the finance guy at the estate agent who adamantly told us no bank would give us a mortgage with my name on it, but we made an appointment with HSBC, (husband has had an account there for over 20 years).
Apparently, banks adore retired people with proveable income in the form of pensions. We are putting 60% down. We were treated like royalty and got approval within 4 days, in both our names for a 15 year mortgage at a 5 year fixed rate of 2%. The listing is now showing as Sold, Contract Pending. Solicitor has already started paperwork.
Our boat is almost finished, so we will finish it, sell it, and put the money in a high interest account and pay off the mortgage after 5 years. Our repayment per month is easily affordable.
Very excited.
P.S. we were also told by the finance guy that my husband would only be able to get a 10 year mortgage because he is 70. I love proving people wrong.
