75% share, how do I....?

baggiebill

Hi, I purchased 75% of a retirement flat 4yrs ago.
I have now been informed that I can purchase the other 25% if I would like to.


I paid £26,000. Zoopla values it now at £32,000 but flats around me are going for around £45,000.


It's leasehold, which may account for a small part of that. The lease ends in 2092.


Would I be able to get a mortgage, or should I be trying a different way of paying it off?


I've been retired for 12yrs and am now 62
My works pension is over £9,000 per year
My rent & service charges are around £300 per month* (Not sure exactly, I'm away)


I guess I'm looking to borrow around £10,000?


Any advice?


BiLL

ACG

You may be able to get a Mortgage, but affordability could be tight.

The other issue is the length of the lease, it is getting quite short which is probably affecting the price. You may find there are some lenders unwilling to lend partially on the lease, partially on affordability and partially on the size of the mortgage.