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pensioner parent mortgage options
chriscrash
Posts: 6 Forumite
Hi,
My mother is 72, a widow and is selling her property to move towns. She has an equity release on property being sold... not a good solution, so keen to sell and rescue remaining equity.
She will clear about 100k from sale and is looking at options to purchase new house at 150k. She wants to fund this somehow.
Options are a loan/mortgage as a pensioner (not equity release). Is this possible at her age? She has pension income of £1200 pcm and no debt.
Another option is for me to take additional mortgage and have part ownership of property, but have no knowledge of implications here. Also, I would struggle to pay full amount of repayments myself, so thinking of letting property back to her to cover some of this.... I feel I might be over complication this situation? I have mortgage on my own property, nut feel I can easily secure additional 50k borrowing.
Any advice to get me on right track would be appreciated and main aim is to get her into new property as cheaply for her as possible. Not an aim to gain further investment for me.
Many thanks.
My mother is 72, a widow and is selling her property to move towns. She has an equity release on property being sold... not a good solution, so keen to sell and rescue remaining equity.
She will clear about 100k from sale and is looking at options to purchase new house at 150k. She wants to fund this somehow.
Options are a loan/mortgage as a pensioner (not equity release). Is this possible at her age? She has pension income of £1200 pcm and no debt.
Another option is for me to take additional mortgage and have part ownership of property, but have no knowledge of implications here. Also, I would struggle to pay full amount of repayments myself, so thinking of letting property back to her to cover some of this.... I feel I might be over complication this situation? I have mortgage on my own property, nut feel I can easily secure additional 50k borrowing.
Any advice to get me on right track would be appreciated and main aim is to get her into new property as cheaply for her as possible. Not an aim to gain further investment for me.
Many thanks.
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