Loan for OAP?

Legacy_user

My house is valued at £240K.
There is an interest only mortgage on it of £60K.
My life savings are £210K.
I retired a year ago and my only income is my old age pension.
I want to move closer to my family and there is a property I would like to buy at £230K (plus costs approx £250K in total).
I want to move there and THEN sell my existing house.
So, my question/s: who, if anyone, would lend me the 50K I need (like a bridging loan) and what is my best option?
66 years old, female, good credit rating.

[Deleted User]

It will depend on your income. Probably one for a broker. A remortgage may the only solution, though it probably won't be interest only.

Sncjw

If you have life savings of 210k you can surely buy a house outright after selling your home and paid off the mortgage.

ViolaLass

Sncjw wrote: »

If you have life savings of 210k you can surely buy a house outright after selling your home and paid off the mortgage.

Read the OP. They want to buy then sell.

System

You need a bridging loan as you said. Your proof of life savings should make this relatively straightforward. How quickly do you think your existing property would take to sell? If it is in a high demand area then just trying your current bank is as good as any.

jonesMUFCforever

Tarambor wrote: »

You need a bridging loan as you said. Your proof of life savings should make this relatively straightforward. How quickly do you think your existing property would take to sell? If it is in a high demand area then just trying your current bank is as good as any.

This reply will cost the OP a lot of money in interest and set up fees.
The sensible approach IMO would be to put his property up for sale to gauge any interest and sell first.
Or he moves but rents a property first.

System

I'll go see my bank and find out what the costs etc., will be.
Renting first would be a pain - I'd rather just buy, move and sell existing home asap after that.
Houses sell pretty fast around here, especially if you're willing to consider offers.

McKneff

Andrew1974 wrote: »

Without having even read the question, the OAP was a red rag to a bull. Pensioners (the ones that get pension money and bus passes, that we won't get) voted to leave the European Union.

I have no time for pensioners.

I am a pensioner but when i worked full time for 45 years it was me who paid your granny/grandad's penion through my taxes.
I get the princsly sum of £480 a month.
Hopefully, if all goes well and you live long enough will receive your measly pension.
Hope no young whippersnapper will come on here and snipe at you

System

McKneff wrote: »

I am a pensioner but when i worked full time for 45 years it was me who paid your granny/grandad's penion through my taxes.
I get the princsly sum of £480 a month.
Hopefully, if all goes well and you live long enough will receive your measly pension.
Hope no young whippersnapper will come on here and snipe at you

I couldn't even be bothered to reply to that post myself lol

Vikipollard

Andrew1974 wrote: »

Without having even read the question, the OAP was a red rag to a bull. Pensioners (the ones that get pension money and bus passes, that we won't get) voted to leave the European Union.

I have no time for pensioners.

Then why bother posting...?

HampshireH

Andrew1974 wrote: »

Without having even read the question, the OAP was a red rag to a bull. Pensioners (the ones that get pension money and bus passes, that we won't get) voted to leave the European Union.

I have no time for pensioners.

Wow how ignorant. Those pensioners were also the ones who fought for this country for you to be here and moan about it and them. I doubt they have much time for you either. I assume you never had grandparents.