Later Life Mortgages, any experience?

sal_III

You seems like you have a nice pile of cash but want to get something more expansive than your budget.

Have you checked shared ownership, where you will be essentially a cash buyer? But i beleive they are for new builds only(mainly) so might not be something you are after.

Savvy_Sue

Use a broker.

Is this of any use? Have only half heard what Nationwide are saying in a radio programme.

Freyagirl

sal_III wrote: »

You seems like you have a nice pile of cash but want to get something more expansive than your budget.

Have you checked shared ownership, where you will be essentially a cash buyer? But i beleive they are for new builds only(mainly) so might not be something you are after.

I thought shared equity was only available to first time buyers, is that not the case?

sal_III

Freyagirl wrote: »

I thought shared equity was only available to first time buyers, is that not the case?

There is a special scheme for over 55s which is even better:

https://www.ownyourhome.gov.uk/scheme/opso/

It does say that:

You could buy a home through the OPSO scheme if you’re aged 55 or over and meet the following criteria:

your household earns £80,000 a year or less outside London, or your household earns £90,000 a year or less in London
you are a first-time buyer, you used to own a home but can’t afford to buy one now or are an existing shared owner looking to move.

The question is what constitutes "Can't afford one now", which is quite ambiguous.