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

Francesanne

Sorry but taking out a mortgage at the age of 65 sounds horrendous to me.
Especially if health situation is not too good. Far too stressful.

Bronnie

Francesanne wrote: »

Sorry but taking out a mortgage at the age of 65 sounds horrendous to me.
Especially if health situation is not too good. Far too stressful.

Stressful in what way? If income is from pension and son and daughter-in-law earn good income and are prepared to assist. There are good reasons for the proposal,for example as in the situation I cited, which the OP has chosen (quite rightly) not to elaborate on too much.

dreamylittledream

Under 3 x income on what is likely to be a very low LTV against a guaranteed pension income?

Should still be doable from most high street lenders even now - probably on an interest only basis with a view to the property being sold on death or the loan rolled into an equity release/lifetime mortgage scheme at some point in the future?

Francesanne

Bronnie wrote: »

Stressful in what way? If income is from pension and son and daughter-in-law earn good income and are prepared to assist. There are good reasons for the proposal,for example as in the situation I cited, which the OP has chosen (quite rightly) not to elaborate on too much.

Would hate to have a large debt hanging around my neck at that age. Would explore all other options first before taking on a mortgage.

poppy10_2

He will be dead soon. Why bother getting a bigger house?

Dollardog

poppy10 wrote: »

He will be dead soon. Why bother getting a bigger house?

What an awful, insensitive thing to say - I can't believe what I have just read!!