right to buy- over 60- £50000 required

bunniehops

Hi can anyone help. My mum is 64 she has an income of £7488 state pension and £8444 widows private pension per year. She has been offered her 3 bedroom council house for a purchase price of £90000- market value £165000- she has £40000 cash so is looking for a mortgage of £50000- Presently she pays £557 rent she gets no benefits. My mum has lived at this address for 25 years and has no outstanding debts- she has excellent credit history- but always pays cash does not get loans- absolutely no missed payments on utilities. She has only gas electric sky and BT. She has a NatWest current account with an overdraft facility that she does not use she has banked with NatWest for 40 years.
she applied for a mortgage from Halifax as they offered 10 year term for her age group opposed to Natwest who only offered 5 years. Halfax made her an offer of £28000- £32000 short. She has now approached a mortgage broker who was at first hopeful but has now not got back to her for over a week so we presume they cant help. My mum lives alone but has a partner who has his own property he is 70 a retired fireman with no mortgage and various savings. My mums council will not consider a 2 way mortgage they will only sell to her. My mum is looking for a fixed rate mortgage over 5-10 years- her partner will help with payments- but no one will take this into account. She is looking to live there for 5 years and then sell- not requiring a further mortgage as she will live with her partner. My mum is a non smoker in excellent health- but she has not worked since she was 55 when she retired to care for my late farther. can any one out there suggest anyone who might consider lending her the £50000 she requires ?? It would be so much appreciated as she is looking to give the house up and move in with her partner if she cannot get a mortgage. This would be a shame as she has been a council tenant for 47 years and always paid full rent- she really has paid into this property and it was our family home. Please give suggestions. The £40000 cash is being gifted to her by her partner- Thank you in advance for any help or advice... Sarah x

Senior_Paper_Monitor

There are two or three lenders who may consider this (the biggest sticking point is the gifted deposit from partner).

An experienced mortgage broker with right to buy experience should be able to place this - expect to pay a fee (the lending commission is insufficient to make processing this without worthwhile)

bunniehops

thank you for your reply. Have you any idea how we can find a broker with this experience or who the three lenders may be? we are inexperienced in this field we have always been council tenants, I have only recently bought my home under right to buy and did not require a broker. thanks again

Senior_Paper_Monitor

I am not allowed (as I represent a broker) by the site to suggest brokers or (by both the site and the FCA) to make lender/product recommendations.

bunniehops

ok thank you very much anyway. I'll try and do some research.:o

cycloneuk

Without any credit history you may find the she gets declined for a mortgage with some of the high street banks, may need a whole of market broker.

GMS

Would your Mum's partner look at raising funds via his property? Would they move in to your Mum's property and let his current one maybe?

That way when your Mum's property is ready to be sold they could move into his property having repaid the mortgage with the proceeds of your Mum's sale.

Possible it could be done the original way but this would maybe offer a plan b.

Decent broker is a good starting point, not one who doesn't return calls which aside from being very unprofessional is extremely rude.

bunniehops

Thank you- I've given my mum all sorts of scenarios including him moving into hers renting his out then after 12 months he can buy with her- Also him selling up- she is reluctant to get him to do this. He is totally up for it but she is very old fashioned and doesn't feel its fair on him. The 40000 he has is spare cash he has said he will cash in ISA's and other policies he has to raise the cash. My mum is not one for complicated plans and thinks that if she cant buy it herself she would rather give it up so another family could have it. You are so right about the broker. I cannot believe after an hour meeting that my mum travelled to he has not got back to her. He did mention Virgin money would be a possible lender so I may contact them as he has not followed up on this for her.
Thanks again for taking the time to reply