Purchase

Marjrie

Would we be able to take a lifetime mortgage for approximately £75,000? I know they aren’t ideal, but we are very unhappy living where we are and desperately want to be closer to family, that extra would just make the difference of getting a small house, with a garden.
 Does anyone have any advice for me, and please don’t ask how we got in this situation with no friends or family around us. It was our mistake to move here and now are desperate to find a way out, I am actually suffering with depression.
Any advice will be appreciated but please be kind. 

SuperHung

Hi Marjrie, sorry to hear about your situation. I would do things in stages. I would rent out the current house and then use that income to rent near your family. After living near family for 6-12months, assess whether it made a difference to your mental health. Then consider selling your house and continue to rent near your family and live off the equity.

With little savings, advance age and I presume no employment, it is a challenge to bridge £75,000.

NameUnavailable

I don't know about mortgages but you could look at retirement properties - they usually sell for much less that 'normal' properties although there will be higher service charges, however the benefits they offer may be worth thinking about for the longer term.

Another option is to consider renting.

AdrianC

£400k is going to pay a lot of years-worth of rent...

moneysavinghero

Whilst your family are pleased to see you on the rare occasions that you pop down currently, there is no guarantee that they would not start to resent your presence if you start popping round every 10 minutes. This could have an even worse effect on your mental health.

As others have said, maybe consider renting first so that you can see if this really is the right move or not.

Marjrie

moneysavinghero said:

Whilst your family are pleased to see you on the rare occasions that you pop down currently, there is no guarantee that they would not start to resent your presence if you start popping round every 10 minutes. This could have an even worse effect on your mental health.

As others have said, maybe consider renting first so that you can see if this really is the right move or not.

We would be going back to an area we should never have left, moving here was the mistake.
 We both know that but thought it was the right thing at the time, we admit our mistake. So it’s not just about near family, it’s our roots. 
for us renting wouldn’t be right, we are looking to never move again, and renting doesn’t offer that.

xylophone

we are looking to never move again, 

Have you explored whether there are any almshouses/ properties for older people offered by housing associations available for rent in the area you want?

LittleVoice

Please do not consider letting your current home as an option pending a sale.  I don't think you would but another reader  having a similar question might think that was a good idea.  
Being a landlord (even using an agent) would bring so many responsibilities it really isn't worth doing for someone in your position, especially if you would be selling in the relatively near term.

GDB2222

Yes, you can get a lifetime mortgage. You should see a broker about this, preferably one who is a member of the Equity Release Council (previously known as SHIP). It is usual to get a lifetime mortgage to release some funds on a property that you already own, but there is no reason in principle not to use one for home purchase. 

youth_leader

I was looking in Devon and several properties were advertised for much less, with the Homewise scheme.  You can protect 50% of your sale price when you sell.  A Home for your Retirement | Property for Over 60s | Homewise

hazyjo

Is there not a slightly cheaper nearby area you could move to? Surely it doesn't have to be the exact area? How many miles away are you now?