Mortgages/Loans for over 75s

hraris

My parents are both over 75 and wanting to downsize substantially. They own a large (mortgage-free) property and want to move into the new house before the sale of the existing property. The new house costs about half what the property they own is valued at. They are struggling to get a loan or mortgage to because of a) their ages and b) insufficient income and c) they don't have an existing mortgage. Apart from equity release - does anyone know of any companies that will provide short term loans/mortgages to people in this situation?

Thrugelmir

The cost would be prohibitive so best to sell the existing property first.

betmunch

Income and Credit score are the problems here. Age isnt an issue, unless your walking down the high street asking in the big name banks.

Go and see a Mortgage Broker, any half decent one will be able to help.

However, if they dont have the income you may not get anything!

Trollfever

want to move into the new house before the sale of the existing property.

One way to achieve this is to exchange contracts for their sale and purchase at the same time but to have a delayed completion on the sale.
Closed bridging finance should be relatively cheap.