Mortgage for Over 75

newbi

Hi,

I wonder if anyone has any help or advice for the following situation

My father is 75, he has a property valued at £240,000, which is on a Buy to Let mortgage at the moment. The outstanding debt is £60,000.

The mortgage term expires in July, with the balance needing to be paid.

What if anything can he do to borrow the £60k on a buy to let repayment mortgage? He only has his pension income, which is small.

The property is a first floor flat - this is a low rise with 8 floors.

The other pieces of information that can help are that I can help my father reduce the mortgage by about £10k, leaving £50k remaining.

I can also consider putting myself on the mortgage
I have an income of £40,000 and have a 1 bed flat, with £650 mortgage repayment. My flat is on an 85% mortgage.

Any help would be appreciated.

Many thanks


R

Thrugelmir

Why doesn't your father sell the investment property and enjoy the equity.

newbi

Hi,

I have tried to get him to sell the property but he wants to keep it - don't ask me why! Fathers eh.

My guess is he keeps it as a security blanket for my mum - and uses the rental income to cover his expenses as he lives elsewhere.

Dave_Ham

There will definitely be a solution here where your Dad gets what he wants (don't they always)

You need to get some decent advice though as most buy to let lenders exclusively only deal with brokers.

All the best..