75+ year old wants a mortgage.

NATCHER

Is this possible?

My 75 year old mother is renting at the moment but wants to buy a property.

She has £125,000 in capital, but she is looking to buy a property above this figure.

She enjoys pensions totalling £1,300.00 pcm after tax.

My question is, are there any lenders out there who would lend her any monies, maybe on an interest only basis. I have contacted her bank, Lloyds, and they have recommended Mortgage Life and Loans Ltd.

Does anyone have any reviews of this company, or can anybody recommend any other lenders who would lend to my mother?

ACG

I think you will need a specialist for this.

Some lenders i THINK will do mortgages up until age 80 but im not sure if you need to be under a certain age at outset - that at best gives your mother a 4 year mortgage so it wouldnt be a huge mortgage.

ILW

Why does she want all the hassle of ownership at her age?

NATCHER

ILW wrote: »

Why does she want all the hassle of ownership at her age?

Heaven knows.

She only moved from her home of fifty+ years a week ago and she 'hates renting'.

Just looking at all the options at the moment :mad:.

NATCHER

ACG wrote: »

that at best gives your mother a 4 year mortgage so it wouldnt be a huge mortgage.

Would a lender not be prepared to lend at interest only for however long, knowing that when she moved on, their initial amount would be paid through the sale of the property?

ACG

Not many lenders do interest only now. I dont think they like to accept moving on as a form of paying back the mortgage. Its not the most ethical business plan.

Im not confident enough to really give a proper answer on this, i genuinely think you need a specialist. Equity release could be an option but i doubt it.
Just make sure you or someone else is with her before and during the signing up process and read all of the paperwork. As much as we like to hope it wouldnt be done to us, there are some dodgy brokers out there, in the current climate with business hard to come by you never know what depths people will go to.

Simon_gloster

NATCHER wrote: »

Is this possible?

My 75 year old mother is renting at the moment but wants to buy a property.

She has £125,000 in capital, but she is looking to buy a property above this figure.

She enjoys pensions totalling £1,300.00 pcm after tax.

My question is, are there any lenders out there who would lend her any monies, maybe on an interest only basis. I have contacted her bank, Lloyds, and they have recommended Mortgage Life and Loans Ltd.

Does anyone have any reviews of this company, or can anybody recommend any other lenders who would lend to my mother?

In the nicest possible way, and I don't think it is a wind up, no lender is going to be able to offer this....normal and mainstream anyway.

Quite rightly LTSB said no. Mortgage Life used to be Central Trust. A packager dealing with many prime and sub prime lenders. If they couldn't help you have no hope.

As ACG says, unless your mum has mamouth savings eg after the deposit is down, the most she will get is a 4 year repayment mortgage. If she wants £10k (or something not obviously crippling allowing her to live a decent retirement) as an example.......then someone may help. she really needs a broker on this bad boy.