Options at 60

m3ckon

This is a bit of a weird one - but here goes!

A family member split up with his partner and the house is owned between them and is in joint names.

The partner has asked for 100K, but my family member does not have 100K. I just wondered what options he has? He's 60 with a good credit rating, but not sure what he can do?

Any thoughts appreciated

M3ckon

CLAPTON

whats his income ?
and what will it be later when he retires?

dimbo61

This depends on lots of factors
Is he working and planning on working until 65?
Whats his income?
Is there any outstanding mortgage on the property?
Is £100K all she wants ?
Will he be getting a good pension and lump sum at 60/65?
Does he want to stay in the property?
Has he got any savings?

m3ckon

dimbo61 wrote: »

This depends on lots of factors
Is he working and planning on working until 65? yes
Whats his income? 50K
Is there any outstanding mortgage on the property? yes, 100K
Is £100K all she wants ? yes
Will he be getting a good pension and lump sum at 60/65? not great - 60K
Does he want to stay in the property? no
Has he got any savings? no

OK here goes I've put the answers above.. thank you for replying!!

dimbo61

Sell now and give her the share she is entitled to and tell him to move on with his life.
If he did manage to get a mortgage for £200K to pay off his EX partner he would then spend the next 5 years struggling to repay a very big mortgage and end up using a large part of his lump sum to clear it at 65.
Then he is poor in old age with all his money tied up in property.
Sell up and rent an over 55,s apartment and enjoy his hard earned money