Purchase

GDB2222

knightstyle said:

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.

But, you’ll be paying interest on the loan, plus repayment of capital over 20 years?  I think the op needs to roll the interest up within the loan and leave the capital outstanding.

TheProfessional

My parents are downsizing and moving closer to my brother. They can't afford the exact area he is in but a 3 miles out. Still close enough for visits, looking after kids etc. Even a couple of miles makes big differences to house prices 

Tallulah_Chicken

If you have pension income, there are lots of smaller building societies which don't have upper age limits for borrowing and will lend in retirement. Try having a look at The Cumberland BS or the Loughborough BS.  

Marjrie

LittleVoice said:

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.

We won’t be becoming landlords, we are looking in the cheapest part of the near area, I think the lifetime mortgage may be our only option. Or stay here where I feel suicidal some days.

Salemicus

You have other options, including renting, buying a smaller property, and buying a property slightly further away. When you are feeling depressed it is often difficult to assess your options clearly and easy to feel hemmed in to one path and trapped, but this isn't necessarily so. Try and look at all your options with an open mind, weighing up the pros and cons fairly.

TBagpuss

Talk to an independent broker about your options. It's likely that you would be able to get n equity release / lifetime mortgage, depending on your income you may be able to get a 'normal' mortgage, given that you would only be looking to borrow a small proportion of the purchase price. 
You could also look at options for downsizing, depending on the size of your current property - think about what is important to you in a home. For instance, if you are moving closer to family, you may decide having spare bedrooms for visitors is less important than it may be at present, when you are further away. 
I'd also give some thought to what specific things are making you unhappy where you are now, to try to avoid replicating them in your new home (for instance, are any of them related to things other than location, or to things such as loneliness, where focusing on proximity to / availability of social activities are going to be relevant. This year has been incredibly tough for a lot of people as there are so many things we can't do, so it's also worth considering how much of your current distress is due to lockdown etc.

Good luck.