Purchase

theartfullodger

You may be able to get a normal boring mortgage: I've got one expiring at my age 80 (I'm 72) and e.g. nationwide so them to age 84 .  (there are many other lenders...)

https://www.nationwide.co.uk/products/mortgages/borrowing-in-later-life?cmpid=PPC_5_1_71700000056187938_mortgages+for+over+80s

[Deleted User]

Thats what I was thinking too hazyjo.  

GDB2222

youth_leader said:

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

The Homewise scheme is different from a lifetime mortgage, with very very very roughly the same sort of effect. You'd need to understand fully what you are letting yourself in for. You'd also need to accept that there are very serious drawbacks if you want to move home or have to go into an old age home. 

The Homewise Scheme gives you a discount of say 20% off the price of the house you are buying if you don't "protect" any of your sale price. If you instead decide to "protect 50% of your sale price", they will then only give you a discount of 10% off the price of the house you are buying.

Unfortunately, there seems to me to be a lot of flannel on their website.

NameUnavailable

Wherever there's a scheme there's a schemer!

I would rather buy someting I can afford even if smaller, rent or buy in a cheaper area nearby. But then I'm a control freak.

HampshireH

SuperHung said:

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.

Whilst it doesn't sound like you would....

Do not rent out this property unless you wish to become landlords in your retirement and take on the full responsibilities that come with it.

Of course if that is a route you are confident in taking it is an option. However you need to be committed to it and also be prepared for all eventualities good and bad tenants, tenanted and void periods, maintenance and larger component replacements when required.

lookstraightahead

My parents are older than you and are selling up and coming to live by me. They are freeing up the house money and renting - they don't have quite much as you do, but have a pension. 
If it doesn't work out, you can move again with your equity x

lookstraightahead

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.

Where does the OP say she is going to pop in every ten minutes? People of all ages move closer to their families - youngsters move closer to their parents often.

Marjrie

NameUnavailable said:

Wherever there's a scheme there's a schemer!

I would rather buy someting I can afford even if smaller, rent or buy in a cheaper area nearby. But then I'm a control freak.

That has been my husbands feeling, to buy smaller. I’m the one wondering about borrowing.

knightstyle

I am 75 and we have got a sale/purchase going through at the moment. we will be getting a mortgage from Leeds BS with a 20 year payback.  Like you the mortgage will only be a small part of the purchase price so we had no problems getting it.

moneysavinghero

lookstraightahead said:

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.

Where does the OP say she is going to pop in every ten minutes? People of all ages move closer to their families - youngsters move closer to their parents often.

Where did i say that she would be? What i said was:

resent your presence if you start popping round every 10 minutes

The OP said that being away from their family was making them depressed and that moving to be nearer their family was their solution to overcome this. Not unreasonable therefore to conclude that there might be an increase in visits.