Best course of action for 64 year old moving house

mlz1413

Your mum might be able to 'port' her current mortgage to a new place if the LTV fitted. This would allow her to move but would mean the issue of paying back a IO mortgage is still loaming.

Has your mum looked at any job vacancies? if she needs to work to pay the mortgage then she is going to have to get a job as she moves or be prepared to commute until she is settled.

If she got a 3 bed place would she be prepared to take in a lodger? this could help with paying back the mortgage.

I'd personally try not get involved with trying to helping out financially. If you re-mortgage for say £40k how is your mum going to pay that back? is it going to be £400pm for 8 years? so she will be 68, what if she becomes ill or loses she job it will effect you both rather than just her - I am sure you will help out if she is ill but if you have to help out and pay the extra you borrowed too would that put a huge strain on you and your family?

Beans27

AlexMac - that made me laugh, yes that may have actually been her reaction when I suggested the retirement flat idea to her as well! She is certainly not elderly at 64, but appreciate she needs to think further ahead than the next couple of years.


Existing mortgage is with Woolwich (I THINK) - so no idea how amenable they are to porting. I think she needs to ask the question of them - up to this point I think she's been trying to keep her head down in case it flags up she is still paying interest only. But yes, this could work if she was able to port got something cheaper and had to pay back the remaining back over 10 years maybe. Thanks mlz for the same suggestion - she should investigate.


No, not looked at vacancies yet - this will be the next step if she can come up with a workable plan. I would put the feelers out there in terms of businesses I know, try and get her another receptionist job. Lodger, I don't think she has ever considered....I don't think she'd be keen after living on her own for a long time.


Agree, I'd rather not go down the route of tying us together financially - for one thing its not very fair on my partner.


The other option is she just stays where she is and comes over to see the baby every couple of weeks - it's not what she wants to do, but might have to.

chelseablue

As she is currently paying interest only what will she do when the term ends and the bank want their money?


Does she have a repayment vehicle in place?

bouicca21

i must admit that a friend who moved into retirement flat in his mid 60s hated it. But that was more to do with being the only man in sight - he found the attentions of his overwhelmingly female neighbours somewhat wearisome.

csgohan4

bouicca21 wrote: »

i must admit that a friend who moved into retirement flat in his mid 60s hated it. But that was more to do with being the only man in sight - he found the attentions of his overwhelmingly female neighbours somewhat wearisome.

Lol that made me chuckle. Bet he had swell retirement

AnotherJoe

This all sounds entirely fanciful to me. She has no way of paying back ninety thousand pounds other than selling her house and niot leaving enough money to buy anywhe else, and she plans to work 3 days a week as a receptionist,mwhich will provide maybe £15k a year, and she doesn't have a pension.

She needs to deal with all that before looking at moving to near you let alone buying another house And she will probably have no alternative to either buy a one bed, two at a push, flat, or perhaps she'll have to rent.

marksoton

The fact she's interest only on her current mortgage is the real problem here.

There's a 30K shortfall that needs making up and she appears ill equipped to do so....

xylophone

At some point she is going to have to cut her coat according to her cloth.

She is currently deferring her state pension?

Does her employer provide a pension scheme? Has any previous employer provided a pension scheme?

j_yorks

I can't imagine anyone offering her a mortgage , especially as she is planning to leave her job.

Your poor mum - how is she ever going to afford to pay this off? She's going to have no retirement to speak of.

tlc678910

Hi Beans,
If your family and your mum were up for it could you buy something big enough for you all to live comfortably for an extra 50K (allowing 10K for fees)

If you could find something where your mum had her own bathroom as well as bedroom and a second sitting room perhaps do you think you could all live comfortably and get along? You might even find something with a full "granny annexe".

Is there any scope to use your mums equity to put a suitable extension on your own property?

Both of these options might be tricky is you have siblings for obvious reasons! (Edit - I see you have mentioned a brother if he is local perhaps he could consider the same options and difficulties)