I'm retired, low income and want to move. I own my home outright.

ml4548

Is there a way I could raise some funds to buy a more expensive place? I need a bungalow now.

Browntoa

Not without selling your existing home 

Equity release is not an option to use 

ml4548

Thanks, yes, my house is on the market

gwynlas

You can get a mortgage up to the age of 80 providing you pass the affordability criteria. Dependent on your future wishes you could also rent or purchase an apartment in a senior living development prices vary enormously given most only have an on call method of support. These properties can be very difficult to resell after death.

sheramber

How much you can raise will depend on how much income you have.

RHemmings

Do you live in a part of the country where house prices are high? So that you could move to a more 'expensive type' of property such as a bungalow in a different location where that would be cheaper than your current house? 

I'm thinking that even if you get a mortgage, if you are on a low income and interest is eating into that, things could become tight financially. 

If your need for a bungalow is because of age-related movement issues and wanting to be one one floor, then would a downstairs flat be an alternative? 

ml4548

Unfortunately yes, and I need to stay near my family. I have a very low income, no chance of borrowing on that.

born_again

ml4548 said:

Unfortunately yes, and I need to stay near my family. I have a very low income, no chance of borrowing on that.

Any social housing in the area. Most councils still have "old people bungalow's" Sorry for the phrase. You should be able to apply for.

Mark_d

So you want to sell your house and buy a more expensive property but your income won't support borrowing the additional funds?

Maybe a family member can lend you the additional funds - buying a share of the bungalow.

Another idea would be to consider investing in an extensions or annex to a family member's house

LinLui

born_again said:

ml4548 said:

Unfortunately yes, and I need to stay near my family. I have a very low income, no chance of borrowing on that.

Most councils still have "old people bungalow's" 

Most of which are inhabited by "old people". There are huge waiting lists for any social housing, and bungalows are a smaller part of the stock. Around here you will be dead before get an offer - I know people in high priority groups (elderly, disabled, low income) who have been on the lists for years and when they bid for a property are still 50+ people down the priority queue. 

Hoenir

There's a company called Homewise that operate in certain parts of the country. Through them it's possible to buy a more expensive property with them retaining a financial interest. They can be found on Rightmove.