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Wanting to release some money from house?

atlantis187
atlantis187 Posts: 1,553 Forumite
Part of the Furniture 1,000 Posts
in Mortgages & endowments
My dad is wanting to release some money around 100,000 from his house which is currently worth around the £270000 mark to buy some land abroad. The house is mortgage free but only thing is my dad is 75 and is retired on his pension.

Will he be able to remortgage his house and put the house down as a guarentee that if he doesnt make the mortgage payment they can reposses this or will he need to take out a loan?

Please help

Comments

  • Robert_Sterling
    Robert_Sterling Posts: 2,207 Forumite
    Why does your 75 year old dad want to buy land abroad when he has no money with which to buy it?
    ..
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    In principle it can be done as some lenders go to age 99. It is possible they would want his own Solicitor to confirm the applicant is compus mentus and fully aware of his actions.
  • maninthestreet
    maninthestreet Posts: 16,127 Forumite
    Part of the Furniture
    How is your father going to fund the monthly mortgage payments? Does he really want to risk the roof over his head and your future inheritance just to buy some land abroad (which country?).
    "You were only supposed to blow the bl**dy doors off!!"
  • Trollfever
    Trollfever Posts: 2,051 Forumite
    YOUR HOME MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR ANY OTHER DEBT SECURED ON IT.


    Would a lender want to repossess the home of a 75 year old pensioner?
This discussion has been closed.
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