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retirement property mortgage
mollysgirl
Posts: 1 Newbie
Does anyone know where to get a mortgage for purpose built retirement properties with an age restriction. Evidently high street lenders won't give finance because of age restriction. I,m 62 and need a mortgage for as long a term as possible .hoping for ideas 
Thanks
Thanks 0
Comments
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How do you propose funding the mortgage once you reach retirement?0
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Mainstream lenders loathe purpose built retirement properties. Aside from the age issues, the problem they have is in re-marketability in the event of them having to take possession.
The leasehold service charge can be onerous along with many other clauses and there are often clauses that give the developer/management company first rights to re-purchase or remarket the property. Finally of course, there is a limited market to sell the property to - there will be a relatively small pool of over-55s that have the cash to purchase outright.0 -
Just wondering if you managed to find a lender for this? I'm in the same position, very frustrating!0
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