loan to buy reminder of 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

Tixy

It is against the terms of most unsecured loans to use them for a property purchase.

Given his age I would imagine he will struggle. Has he approached an independant mortgage broker yet? or has he been approaching mortgage companies diect.

pipppin

We've tried mortgage brokers but no luck. So frustrating as we have the income. Can't believe current mortgage company won't let us move house!

pipppin

Can anyone tell me if there are loan companies that will offer loans for property. I understand that a minority do but don't know which.

jonesMUFCforever

It is his age which is the main problem.
New mortgage rules now expect loans to be paid by normal retirement age.
I don't see any mainstream lender wanting to lend to him.

lonestarfan

jonesMUFCforever wrote: »

It is his age which is the main problem.
New mortgage rules now expect loans to be paid by normal retirement age.
I don't see any mainstream lender wanting to lend to him.

Not all lenders use normal retirement age. Some will go to age 75 with proof of income in retirement.

OP you might get more advice if you post on the mortgages and endowments board as there's some really good brokers on there.
Can any family lend you any money? Have you got any savings plans you can cash in? Have you looked at equity release plans - you'll need specialist advice for those.
I think Mansfield BS lend to age 85. And national counties?
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11050573/The-borrowers-with-an-85pc-deposit-denied-a-mortgage.html

jonesMUFCforever

lonestarfan wrote: »

Not all lenders use normal retirement age. Some will go to age 75 with proof of income in retirement.

OP you might get more advice if you post on the mortgages and endowments board as there's some really good brokers on there.
Can any family lend you any money? Have you got any savings plans you can cash in? Have you looked at equity release plans - you'll need specialist advice for those.
I think Mansfield BS lend to age 85. And national counties?
http://www.telegraph.co.uk/finance/personalfinance/borrowing/mortgages/11050573/The-borrowers-with-an-85pc-deposit-denied-a-mortgage.html

First post OP /husband is 76.

lonestarfan

jonesMUFCforever wrote: »

First post OP /husband is 76.

I know he's 76.
You said in your post :- New mortgage rules now expect loans to be paid by normal retirement age.
No they don't all expect loans to be paid by normal retirement age.
NRA is 65/67etc but some lenders will go to 75 which is not NRA. Some will go to 85 which is not NRA.

freeisgood

I know of a family member who borrowed 25k person loan. He is 70. He in fact did buy a property, he has income so it would be difficult to prove he had/had not used the loan money for the purchase, as he spent the loan money on his bills, enabling him to save all his income money to make up the property cash he needed.

lonestarfan

Bath Building Socoety don't seem to have an upper age limit subject to retirement income. Post on the mortgage/endow,nuts board and. A broker will give. Some ino possibky.
I'd suggest you find a good broker to assist you and then at least you'll know you've thoroughly investigated it. Good luck.