How to get the last 24000 to buy property outright

pipppin

Hi,

my husband is 76 and has a guaranteed income and life insurance. We currently have a mortgage which finishes when he is 85. We want to move flat because of noisy neighbours. We can't find anyone willing to lend for a mortgage - even though we don't want any more money or a longer term.

If we sell our current flat, we would need 24,000 to buy outright a property of similar value. Is it possible to do this with a loan? Does anyone know?

Thank you for any help. We are getting a bit desperate!!

Pipppin

hardnutman

Maybe I'm cynical but this smells like a scam:

Convince somebody on the forums to front you the money in exchange for the property in your will and then run with it..

Sorry if I'm wrong.

pipppin

What are you talking about? I don't want anyone to front the money. I want to get the right to move house but no mortgage company will let us and I want to know if we can get a loan (from a company not a person on here!) to do the rest!!! No scam. Just seeking advice. Cheers - NOT

pipppin

Relevant, useful advice would include if anyone knows if any loan providers are prepared to lend to pay for property, for example. I understand most won't but anyone know which ones that do?

penguingirl

I know this probably isn't much help, but there was a programme on radio 4 a couple of months ago (it was probably an episode of moneybox) that had a feature about mortgage options for retirees and there were some specialist providers who offered prudish (I think they were all small building societies).

pipppin

I can try to look up old podcasts, thank you.
I read in the Guardian on Saturday about a company that do mortgages later into life and called them but they are only for England and Wales and we are in Scotland. Thanks for your lead, I'll have a look

Atomix

Another option might be to rent it out, and rent somewhere else...

mustang1

Why can't you just buy somewhere £24,000 cheaper?

ognum

pipppin wrote: »

Hi,

my husband is 76 and has a guaranteed income and life insurance. We currently have a mortgage which finishes when he is 85. We want to move flat because of noisy neighbours. We can't find anyone willing to lend for a mortgage - even though we don't want any more money or a longer term.

If we sell our current flat, we would need 24,000 to buy outright a property of similar value. Is it possible to do this with a loan? Does anyone know?

Thank you for any help. We are getting a bit desperate!!

Pipppin

maybe I am a little stupid but how do you know how much your property is going to sell for and exactly how much money you are going to need?

Now, why don't you sell your current property, pay back your mortgage and buy with what you have available to you, why do you need exactly the amount of funds you have now?

Why don't you sell, pay back the mortgage move to rented and then look at what you can afford.

The government is looking at new pension freedoms and you will soon be able to sell your annuity and that way you will have the funds needed.

You do understand that a mortgage company will not give your husband a mortgage if you are also going to live there. If he dies before you all or some of his annuity pension will be lost with him, how will you continue to pay the mortgage if you don't have his pension to do it.

It's time to get rid of the mortgage not take out another one, live within your means, if you were so flush with cash you would have paid off the mortgage already.

So, sell, pay back mortgage, buy something with the money left over!

freeisgood

If your husband has income, why not just get a personal loan for 25k, stick it in the bank, sell flat, buy flat using loan money.

carefullycautious

There are housing associations who will allow you to buy up to 75% of a property with no rent payable on the other 25% see here leasehold schemes for the elderly. The info is lower down the page


http://www.anchor.org.uk/our-properties/properties-for-sale