Mortgage for 76-year-old

Ebony13

I already own 1/3 share of a flat and have the opportunity to buy out the co-owner.  I am 76 years old and cannot obtain a mortgage, even through a broker, anywhere.  The two main objections seem to be my age and that if I complete the purchase I would own all three flats in this block plus the freehold.  I understand the main objection to this is that the lender would be concerned that I might convert the building back to a single dwelling.  Why would I want to do this and forego the rental income from two flats (I live in the third) ?  Can anyone come up with a solution for me ?

Thrugelmir

Why load yourself with debt at your age? 

MalMonroe

Thrugelmir said:

Why load yourself with debt at your age? 

Oh dear.  

MalMonroe

There's some info here - https://www.bankrate.com/uk/mortgages/mortgages-for-over-70s/

I can understand that the lender may think you want to obtain all flats and return the building to a single property because that is actually something that could happen. (But why is that of concern to them?)

I'm going to be looking for a mortgage soon and I'm 71 but it will be with my daughter and we just want one property.

Nothing to do with age but I'd just hate to be a landlord with all the problems that come with that title. And being a landlord who is so easily accessible? Not really. 

MaryNB

MalMonroe said:

There's some info here - https://www.bankrate.com/uk/mortgages/mortgages-for-over-70s/

I can understand that the lender may think you want to obtain all flats and return the building to a single property because that is actually something that could happen. (But why is that of concern to them?)

I'm going to be looking for a mortgage soon and I'm 71 but it will be with my daughter and we just want one property.

Nothing to do with age but I'd just hate to be a landlord with all the problems that come with that title. And being a landlord who is so easily accessible? Not really. 

This has come up a few times on this forum. The bank may be concerned a single large property will sell for less than the total of three flats. The won't want this because it increases their risk of losing money if OP defaults and they have to sell the property to recoup the loan.