House buying - what can I do?

Romepen

I am in a pickle jar and genuinely don't know how to proceed.  I have found a house I really want , I have the choice of getting it via a mortgage agreement but I am 56 in March and the banks are not keen at all! I only need to borrow 25% but the banks are not interested.   The other issue is I have gone through a divorce  and my ex - wife bought me out but although we have a court order and she has to reimburse me by April 20th of this year - I don't think she will and it will be years before I see that money , if at all. I could risk and wait but I really want this house.  The other worry I have is if I  get a mortgage, can I pay it off , without being charged a king's ransom.  Is a charge to buy myself out. I have spoken to mortgage lenders and they agree my situation is abnormal...I really don't know what to do, my life is on hold. 

Doozergirl

Surely the banks would be interested if you take out a shorter term loan?  Have you spoken to a broker, rather than direct to lenders?  They will have all the experience of where to place your business.   People do get mortgages at 56!

Also, April isn't far away at all when it comes to house buying. In fact, it's pretty tight.  If you're that concerned she won't pay then I'd go down the mortgage route and have it as a back up if she doesn't pay.  

housebuyer143

It doesn't sound like an unusual situation where mortgages are concerned, all banks lend to 56 year olds, it might have to be a really short term though which will probably make payments expensive. 

lisyloo

Does your ex actually have the money?
If she does then take her to court.

400ixl

Do I read it correctly that your 75% deposit will be coming from your wife buying out your ownership of a current property of which you are still on the mortgage and deeds for?

I can see why they may not be interested until this is resolved. You could easily end up with no deposit and still with a responsibility to pay another mortgage and be buying what would be deemed a second home.

Is the money to buy you out coming from your ex remortgaging? Has she got an offer in principle already or at least checked she can afford and would be offered a remortgage?

RHemmings

Romepen said:

I am in a pickle jar and genuinely don't know how to proceed.  I have found a house I really want , I have the choice of getting it via a mortgage agreement but I am 56 in March and the banks are not keen at all! I only need to borrow 25% but the banks are not interested.   The other issue is I have gone through a divorce  and my ex - wife bought me out but although we have a court order and she has to reimburse me by April 20th of this year - I don't think she will and it will be years before I see that money , if at all. I could risk and wait but I really want this house.  The other worry I have is if I  get a mortgage, can I pay it off , without being charged a king's ransom.  Is a charge to buy myself out. I have spoken to mortgage lenders and they agree my situation is abnormal...I really don't know what to do, my life is on hold. 

This seems odd to me. I'm older than you and I didn't have problems getting AIP. However, the mortgages I considered (and decided not to use) were smaller than one year of my income. 25% could be a lot or a little compared to your income depending on how much you earn and where you are looking to buy. 

I don't think it's just age if you can't get a mortgage. 

gwynlas

Get in touch with a mortgage broker, it might be that you are not looking to borrow enough to make it worth their while. Offer a lower deposit and get a product that you can make regular  overpayments without penalty on. Put the rest of your cash in a good savings product.

kingstreet

You can get a mortgage to 75, or even 80.

You can get a tracker product with no early repayment charges.

You would benefit from the advice of an independent mortgage broker rather than going direct to lenders and asking what appear to be the wrong questions.