To old for mortgage?

didihug8

I am 60 and have lived in my council home for almost 30 years. Circumstances have not allowed me to buy. However i would now like to try and buy the house so i have something to leave my 2 boys when i go.....is it possible to get a mortgage at my age? If i did and it was a ridiculous amount for me to pay would my son ( who has lived here all his life ) be able to help with the mortgage? Could he even buy it in his own name? I am the only person on the tenancy, can i put him on? I would like to get a few things clear in my mind before i go to the council or start the right to buy process.

ValHaller

Do you have any savings to put towards this? Do you have any idea of the discounted cost? What income do you have and how long are you likely to keep that income?

With that information, perhaps someone could give an indication of how much you could borrow and whether the idea could work.

BitterAndTwisted

The length of mortgage you might be offered can depend on your expected pension-provision.

The only person who can exercise the Right-To-Buy is the person named on the tenancy. Has there ever been anyone else on the tenancy, like a previous partner/spouse?

At 60 are you fully prepared to take on the responsibilities of a mortgage and the likely costs of repairs and maintenance for as long as you live?

Naturally, IF (and that's a huge if) you succeed in getting a mortgage your son can hewlp you with the payments. As owner you can have family-members or lodgers paying you for their keep but that will not give them any interest in the property directly.

With the rules about care-home funding and whatnot, it's possible that by the time you go there may not be much, if anything to leave to your children.

At least, if you remain a tenant, if your income in retirement is modest you may still qualify for some means-tested benefits, where if you are a home-owner you might not. I'm a Local Authority tenant who is a bit younger than you and who has lived here longer than you have in yours and I won't be buying my property.

CRISPIANNE3

didihug8 wrote: »

I am 60 and have lived in my council home for almost 30 years. Circumstances have not allowed me to buy. However i would now like to try and buy the house so i have something to leave my 2 boys when i go.....is it possible to get a mortgage at my age? If i did and it was a ridiculous amount for me to pay would my son ( who has lived here all his life ) be able to help with the mortgage? Could he even buy it in his own name? I am the only person on the tenancy, can i put him on? I would like to get a few things clear in my mind before i go to the council or start the right to buy process.

Stay as a tenant and enjoy all the goodies that go with it. Let your two sons make their own way in the world. At 60 do you really want the stress of home ownership.

kingstreet

The tenant and a family member who has resided in the property for at least twelve months can jointly use RTB.

Mortgage term will be lender-dependent and will go beyond retirement only if the payments can be serviced from retirement income.

Seek professional advice before embarking on this.

foolofbeans

When I looked into buying my council home the form seemed t suggest that I had to be on the mortgage but there could also be someone who wasn't a tenant on the mortgage.
Obviously you need to weigh up the risks and costs of buying and being responsible for all repairs. And to look into what could happen in the future should you need care - will the property need to be sold?
Have you checked out your son's succession rights? Usually the tenancy can be 'inherited' once so assuming nobody else has been on the tenancy apart from you your son would be able to stay when you are no longer there.