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    Please help, can a 71yr old get a mortgage?
    • #1
    • 23rd Nov 09, 2:59 PM
    Please help, can a 71yr old get a mortgage? 23rd Nov 09 at 2:59 PM
    This is a long and very complex story so I will cut to the bit where I need advice, as I am desperately hoping I may have come up with a solution.

    My mum who is nearly 72, disabled and frail is in a financial mess and we canít find an easy way out. I already give her as much as I can afford to and my brothers have nothing to give. She is in debt that needs clearing and we also need to make repairs to the house, pay solicitors bills (other matters) etc

    She owns the property she lives in and has no mortgage. I really donít want to go down the equity release route but have read that it is not unheard of for pensioners to get mortgages. Say we wanted to take £20k for 5 years on an interest only basis (with the plan to repay the actual £20k when Ďthe time comesí as my puts it and she gives up the fight).

    Can a 72yr old get a mortgage? If I were to be her guarantor? Would she be totally screwed on the rate or could we get a reasonable interest only small mortgage?

    I really would appreciate any advice as have exhausted all options (including advice from charities, social services, benefits etc). I really donít care if this eats into the inheritance and leaves a sum to be paid off, I just want to sort the here and now and ease her anxiety Ė and mine.

    Thank you in advance.
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