mortgage for over 65

emz123456

please help!!!!!!!

My parents are 65 and are currently renting there home. they owned a house all my childhood but had to sell 7 years ago when my dad had to retire due to ill health. they got behind with things and had to sell house to avoid further action.
They both have good credit ratings now and have credit cards etc with no problem.
my mum is desperatly unhappy renting and really wants her own home, she is making herself ill with the worry. having owned her own houses for over 40yrs she cannot get used to it. she has a £25k deposit to use. can anyone advise what i can do? we have called a few mortgage brokers but they do not bother to call back.
emma:(

Dave_Ham

Hi Emma,

This is going to be hard work I am afraid. First question is what sort of price bracket would they need to buy in your area?

TDPIX

Also will they have any non-state pension coming in? Private pension? Investments? etc.

emz123456

Hi there,
Thanks for the reply, they are looking to buy for around £100,000 to £125,000.

my dad has a private pension of £600 a month after tax, £563 a month state pension, my mum has £338 state pension a month and my mum is still working and earns £600 a month.

they have a private investment which generates £200 a month but can not prove this.

£25k in savings
£1000 in isa

thanks emma

Dave_Ham

OK - they have a shot although it will not be easy..

Suggest you all sit down with a broker to give yourself the best opportunity...

Good luck

TDPIX

Going with a mortgage broker would be best then. As Dave Ham says, there is a possibility but it may be a bit tricky.

Simon_gloster

Just on face value this is tight.....very tight.

They will be limited to the term ie 10 years on a repayment basis. Mums income is likely not to be used based on their ages.

I havent got a mortgage calculator...whats 75k rep over 10 yrs at 3.5%?

As said it'll be tight and a lot of work for someone to broker.

Wh05apk

Simon_gloster wrote: »

Just on face value this is tight.....very tight.

They will be limited to the term ie 10 years on a repayment basis. Mums income is likely not to be used based on their ages.

I havent got a mortgage calculator...whats 75k rep over 10 yrs at 3.5%?
U
As said it'll be tight and a lot of work for someone to broker.

Why do you think the term will be limited to 10 years? Some lenders do not have a maximum age.

TobE1Kenobi

Pretty sure most if not all lenders are max age 70/75 nowadays. You should speak to a broker OP. Around 4 x income with a 10 year term is out of bounds with most lenders these days but you never know.

Morgage_Confused

that would be £741 per month

Simon_gloster wrote: »

Just on face value this is tight.....very tight.

They will be limited to the term ie 10 years on a repayment basis. Mums income is likely not to be used based on their ages.

I havent got a mortgage calculator...whats 75k rep over 10 yrs at 3.5%?

As said it'll be tight and a lot of work for someone to broker.

emz123456

hi there,
would a intrest only be any good? they are paying £650 a month at the minute?

or is a gurantor a option?