Tipe for how to get a mortgage for my 65 year old father-in-law

StuartS

Hello folks,

I'm looking for some sage advice.

My in-laws want and need to move house. They paid off their mortgage years ago but the sale of their house will not provide what they need to buy the house they wish to buy. So they need to raise approximately £35K.

My father-in-law is 65, isn't in the greatest of health, and has a private pension of approximately £12K a year. My wife and I earn decent money and have a mortgage of our own.

I'm looking for advice about what's the best course of action to raise the £35K. Does my father-in-law stand a chance of getting a mortgage? Does his situation prevent him accessing decent deals? Should my wife and I seek to raise the £35K ourselves or perhaps in conjunction with my father-in-law? Who are the best lenders to approach and what should the approach be?

Loads of questions in there I know. Would appreciate any advice anyone would care to give and for which we'll be very grateful.

Many, many thanks,
Stuart

~Beanie~

Why are they looking to buy a more expensive property at a time when they should really be downsizing?

I doubt that your F-i-l will get a mortgage for that amount on his income - my own mortgage is a similar size and I will be paying £250pm (or thereabout) for the next 18 years. How would he repay something like that, assuming he could get a mortgage with a similar term?

StuartS

Thanks Beanie. The in-laws are moving for a complex range of reasons (health, anti-social behaviour next door) which mean they really HAVE to buy a place which costs more than they can sell for.

Your reply suggests that a joint mortgage arrangement might be our best approach? I wonder if that might compromise the sort of deals we can access given that we already have a mortgage and given our f-i-l's income?

Many thanks

koexelek

StuartS wrote: »

Hello folks,

I'm looking for some sage advice.

My in-laws want and need to move house. They paid off their mortgage years ago but the sale of their house will not provide what they need to buy the house they wish to buy. So they need to raise approximately £35K.

My father-in-law is 65, isn't in the greatest of health, and has a private pension of approximately £12K a year. My wife and I earn decent money and have a mortgage of our own.

I'm looking for advice about what's the best course of action to raise the £35K. Does my father-in-law stand a chance of getting a mortgage? Does his situation prevent him accessing decent deals? Should my wife and I seek to raise the £35K ourselves or perhaps in conjunction with my father-in-law? Who are the best lenders to approach and what should the approach be?

Loads of questions in there I know. Would appreciate any advice anyone would care to give and for which we'll be very grateful.

Many, many thanks,
Stuart

i reckon the Abbey would do that ( father-in -law name only). Income multiple should be OK, and they go up to age 85

unite79

Or the Halifax.

Robert_Sterling_3

I thought that mortgages had to be paid off by the time you are 65.

unite79

Robert_Sterling wrote: »

I thought that mortgages had to be paid off by the time you are 65.

Proving one thing -

koexelek

Robert_Sterling wrote: »

I thought that mortgages had to be paid off by the time you are 65.

You do with some companies, but others will let you go past that date, as long as the pension income is sufficient to maintain the monthly repayments on the mortgage.

beverleyhills

Stuart

This does not answer your question, but have you explored all options for your FiL housing needs?

Some local councils have sheltered housing readily available.

BH

StuartS

Thanks for the really useful tips and probes everyone. Really appreciate them.

I'd like to drop one final question into this thread, if I may: if it proves difficult to find a lender that will lend to my father-in-law, what advice might you give if myself and my wife were to seek out a second mortgage to fund this purchase?

Many thanks everyone.

Bronnie

~Beanie~ wrote: »

Why are they looking to buy a more expensive property at a time when they should really be downsizing?

I doubt that your F-i-l will get a mortgage for that amount on his income - my own mortgage is a similar size and I will be paying £250pm (or thereabout) for the next 18 years. How would he repay something like that, assuming he could get a mortgage with a similar term?

Presumptuous comment.
The couple I knew were in their 80's. He was arthritic and his wife had Alzheimers. They were living in the Council house that they had lived in since 1957 and had subsequently purchased. The stark reality for them was move to a bungalow or they would be separated for the first time in their married life and the wife would have to go into a nursing home. This for them would entail a move up-market.
I understand there are forms of Lifetime Mortgage which enable people to have some greater degree of choice when faced with such circumstances.
They may not be appropriate in all cases.