Mortgage when over 75?

tyllwyd

My dad is 79. He owns a house (no mortgage) but because of my mum's health issues, they need to move to a home that's suitable for a wheelchair. She's currently in hospital, but will probably move to a nursing home in the next few weeks.

The house is going on the market but ideally they'd like to buy a new property and get any adaptations done asap so my mum can come home rather than spending a long time in a nursing home. Is there any lender that could lend money secured on the original house (which would be empty once they moved to the new property) considering my dad's age? The loan would obviously be paid off when the house was sold.

Mortgage_Mark_2

Empty??

No. Besides, you'd open yourselves up to a hefty early repayment charge to take out a remortgage and then aim to pay it off imminently as well, I'd imagine.

The only hope you'd have would be some sort of equity release/lifetime mortgage, I would think but at age 79 already that might well be out of the question.

Wh05apk

Sounds like they require bridging finance, typically they could raise upto about 65-70% of the value of the current property, the loan/interest normally being repaid on the sale of the property. Would this level be adequate? if not then may need to look at raising some funds on a lifetime mortgage, given their ages, it would be unlikely they could raise a "normal" mortgage due to affordability issues.

tyllwyd

Thank you both! If bridging finance is the only option it's probably not practical - I'm worried that the house could take a year or more to sell, so its probably too early in the process to even consider bridging finance.

Beckyy

Could they rent somewhere adapted whilst it's on the market?


Not ideal, but likely much nicer and cheaper than a nursing home.

tyllwyd

Beckyy wrote: »

Could they rent somewhere adapted whilst it's on the market?


Not ideal, but likely much nicer and cheaper than a nursing home.

Yes, they'd be happy to rent for a while but the problem is finding somewhere suitable. I've had a look at rightmove but there was nothing even close.