Too old for a Right To Buy mortgage??

marooned90

Hello,


I am currently going through the RTB process with my father. The process was running smoothly until it came to finding a mortgage. Hardly any mortgage provider wants to touch us because my father is 70 this year. We have tried calling RTB and although they were incredibly helpful throughout the application they can offer no assistance with this issue (which I find hard to believe there has been no one else in this situation). When speaking to a mortgage broker she said my only option was Barclays which we would need to pay a 10% deposit, this would have cleared my savings but I would have done it. Barclays could only offer a £17,000 for a mortgage of £25500, even with the £2500 deposit we would still of had to find 6000 plus this was on a 25 year term, I only want a 10-15 year mortgage!


Surely there is someone out there who can provide a mortgage of £25500 regardless of my fathers age? Has anyone else come across this issue and can provide any assistance?


Thank You

Red-Squirrel_2

At his age, its probably more beneficial for him to stay as a HA/council tenant with security and no maintenance costs. Why does he want to buy the place?

Do you live there too? Whose name is the tenancy in? Its a bit unclear as you switch between 'I' and 'us' a few times.

marooned90

The tenancy is in my fathers name but we are both on the RTB application as I have lived there since I was born. My father wants us both to buy it so when he dies I will have some sort of investment as he hasn't got a lot of savings. Also, the mortgage payments will be, in theory, a lot cheaper than the current rent.


As for maintenance costs the council were promising to do work on the place for years and didn't do anything until this application was put forward, they were possibly told by the surveyor they would get in a lot of trouble for selling a house in the current state. We would rather do work on the property ourselves.

Kittycat1981

If the house needs a lot of work doing on it, why not get a second opinion on the value of the house- maybe the council are over valuing he house base on all the work being completed (maybe that may make up the 6k shortfall)

Mokka

YOu could consider taking out a loan rather than mortgage.
Lenders have their lending rules and are unlikely to offer a mortgage if you do not fit them.

audigex

25k is a fairly small mortgage, but obviously all things are relative. Are you in a position to take out the mortgage alone? Would you have the right to buy without your father being named on the mortgage?