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Will I be able to get a buy to let mortgage if I retire in 5 years time and my only income is my pension?

With the new pension rules due in April, I am thinking about taking out 25 per cent of my pension entitlement and investing it in a property to let. I have no mortgage on my home, I am still working but intend to retire in about five years’ time. Will I be able to get a mortgage bearing in mind that I will not be working in five years and my only income will be my pension, which is not particularly large but should be adequate to live on?

There’s no obvious reason why you shouldn’t qualify for a buy to let mortgage. A lender will check your circumstances to ensure that you can afford the mortgage payments now and in the future. Obviously, the rental income is the main driver for that but you’re other income will also be taken into account.

NB: ANY PROPERTY USED AS SECURITY, WHICH MAY INCLUDE YOUR HOME, MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE

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