Coming home from France

stusexton

My friend is female and over 60. She lives in France and owns a house which is on the market for around £130,000. She wants to return to England. The house market in France is very 'flat' at present and it is not anticipated there will be an early sale.

She has seen a bungalow in England she loves and it costs £160,000. She can raise half of that but cannot afford to take out a long term bridging loan for the rest.

Can anyone suggest another avenue she may take, is there anyone who would give a mortage to a single female over 60 whose collaterol is in France?

Thank you very much.

Stuart

Ian_W

This might be better posted on the mortgage & endowment thread - the one above this on the index.

However, the fact she is over 60 isn't, in itself, likely to be the main stumbling block - my last lender, Coventry BS, simply required the term of the loan not to go beyond age 85 and I'm sure there are quite a few others who will lend.
Neither is the fact that her "collaterol" is in France. If she purchases in the UK the loan will be secured against the property here and with 50% deposit that will be in her favour.

The real problem may well be whether her income [which you haven't mentioned] would support the level of borrowing she needs. Based on a loan of £80K she'd probably need earnings [wage, pension, investment income] of around £20-25K pa to secure a mortgage. If she has that then she needs a product with low/no redemption fees, tie-ins etc so she can pay off the mortgage when her French property sells.

Hope that helps.

stusexton

Thank you. Basically she is trying to beat the 'bridging loan' scenario. She has no major income except pensions having assisted children.
It is trying to find a BS that will basically give us low/no redemption fees. I suppose it is understandable that we faialed to date. Thanks again.