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First mortgage at 70? Advice please
Peony123
Posts: 1 Newbie
What are the chances of any kind of first mortgage at 70? And what are the alternatives? My retired brother has to move out of our late parents house and will have around £150,000 as his share of the sale. He's never owned a property and a small flat in this area starts at around £200-220,000 so there's a gap. What options/alternatives do you think he should consider in finding somewhere to live for the long term? He hasn't other savings. I'm trying to advise as he is very inexperienced in this area.
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Has he considered applying to the local authority to see if they can help him in any way?#6 of the SKI-ers Club :j
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Some lenders will lend in retirement but it depends on his pension income. Sadly the only other thing he would be able to do is rent or move out of the area to somewhere cheaper.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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I'm trying to advise as he is very inexperienced in this area.
Unfortunately, whilst I can appreciate your concern, posting on this forum isn't exactly providing advice. Age isn't a barrier to a mortgage, but lack of guaranteed income is, and if this is the case, your brother can appeal to the local authority (doubtful if they would assist as he has £150,000 available) or appeal to friends and family if he wishes to remain in same area. A change of area may well be the only purchase solution.0 -
What are the chances of any kind of first mortgage at 70? And what are the alternatives? My retired brother has to move out of our late parents house and will have around £150,000 as his share of the sale. He's never owned a property and a small flat in this area starts at around £200-220,000 so there's a gap. What options/alternatives do you think he should consider in finding somewhere to live for the long term? He hasn't other savings. I'm trying to advise as he is very inexperienced in this area.
Why buy now? Perhaps better to rent.0
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