Is there a way I can move house at my age?

tugrin

Hello Everyone,
I have come here first as I believe I will get the best advice here! I am nearly 61, still working as a full time teacher. I still have £68000 to pay on my mortgage but I would like to move to a house/bungalow with a loo on the same floor as the bedroom(!) now before I get too infirm. My official retirement age is 65.I am with the Norwich and Peterborough. So my question is - is it possible for.me to move or am I stuck here?

ellie27

I assume you mean is it possible to get a mortgage at your age?

How big a mortgage would you need?

How much equity is in the house?

tugrin

Thank you for replying. The house is.worth about £157000 and I still owe £68000 on a mortgage that has 8 years to run. I was.wondering about porting?

Cornucopia

Many mortgage lenders now have an upper age of 75.

I think you need to take specialist and detailed advice that will take into account whether the mortgage will run beyond your retirement, and to what extent your pension will cover it.

In forum terms, it's probably not a "no way", but it can't be a definite yes, either, because it will come down to the detail.

Money_saving_maniac

How much are you planning to spend on your new home?
Could you sneak in a loo upstairs, don't know where you are but round here bungalows are pricey.

tugrin

I was hoping to find somewhere for about 140000 . There is also a problem with my current garden being detached from the house by about 50 metres and I have a dog which is basically my only companoon so owning her is a non negotiable. I need an attached garden so Im not stumbling my way down a gravel drive any more in the dark come winter time.

savingfortomorrow

Would it be possible to adapt your current house? A domestic lift could be installed for 9-12 thousand and downstairs rooms could be altered. Consider what could be done with all the solicitors and moving fees. It may be worthwhile.

tugrin

There is no way any adaptations can be made to the current house without spending at least £50000 and that does not solve the garden prob anyway...there is NO outside space at all.

moneyistooshorttomention

When you say "before I get too infirm" - is that a given? Have you got a progressive illness and are expecting to "get more infirm"?

missbiggles1

moneyistooshorttomention wrote: »

When you say "before I get too infirm" - is that a given? Have you got a progressive illness and are expecting to "get more infirm"?

Everybody get more infirm at some point.

missbiggles1

OP, rather than a bungalow (which may be too expensive) have you looked at ground floor flats with their own garden? That's often the cheaper way of achieving what you want.