Best way for 77 year old to buy flat

Tracey_F

My dad owns his own home but wants to buy a small flat instead. He does not have enough savings to buy it outright but will have enough once he sells his home. We would rather he bought the flat first then we sell the house so he does not have the stress of viewings etc. How does this work. Would he need to try and get a mortgage or is there an easier way to do it.?

madvicker

I can't point you in the right direction unfortunately, but there will be others who can. What I can say is that it sounds like your father will need a bridging loan. This is a form of short term finance which is used to 'bridge' the gap between 2 events. A mortgage probably wouldn't be an option though...

davidmcn

Tracey_F wrote: »

is there an easier way to do it?

His loving family either lend him the money or let him move in while he sells his house.

sal_III

He can go for a walk during the viewings of his current home. then for the moving day, you can invite him to stay with you or send him on a nice holiday/staycation and deal with the stress of moving on his behalf.

Most other options will be more stressful and costly.