Too old? advice needed

bryansp

Evening all,
I am looking to move house shortly, i have seen one i like but in order to get a good deal i need 20% (new build)
the 20% means i need 48K deposit which i can only muster 15K.
My father has offered to re-mortgage his house and give me the money i need for the deposit, he currently owes about 30K on it and i will pay him the difference of what it increase too.

the only issue is he is 67 years old and he is being declined a re-mortgage because he is expected to pay it all back when he is 75. His house value is roughly 900k so it would easily cover the additional mortgage if he was to sell it.

Does anyone have any ideas on how to get around this?
thanks

TEDDYRUKSPIN

Unfortunately, many banks are reducing the criteria to lend. Most will shut and close the books to people who retire by 65 years old. Some may allow you to borrow if your pension is decent. The many favour the self employed.

How can you get around this? He will just have to shop about.

With little information to provide to people, how can they help? Just because his has a lot of equity, it does not mean he can afford the repayments.

This generation has forgot that the house / property is not your until all the mortgage is repaid.

Back to the question. He will have to shop around unfortunately.

paint

Would your 67 year old father be able to repay a £67k mortgage in 8 years, and would you both be happy to put the roof over his head at risk if he were unable to repay it?