Which lenders will consider an 84 year old?

dunstonh

Why isnt the property being sold?

The 800pcm rental income is a 3.3% yield which is shockingly low. And thats before costs and income tax.

Plus, the income figures mentioned which also remove the age allowance creating a further tax liaiblity of nearly £1000 a year on top of basic rate.

jamesd

The property is being sold.

Charlton King, the point about not selling well with a tenant is very likely to be true. An alternative is to take out a normal residential mortgage and borrow enough extra money to pay the mortgage payments until the property is sold, say two years to be cautious. If the property is not in excellent internal condition, as is likely to be the case if the need for care has been growing over time, it may also be an excellent idea to ask an estate agent about which improvements would help the property to sell more quickly at a higher valuation. Very thorough cleaning and a few thousand pounds on bathroom, kitchen, carpets and/or repainting could produce significant benefits sometimes, depending on just what the current property condition is. One certainty, a well presented property is going to sell more quickly.

MortgageMamma

The potential borrorower does not have enough income to buy the property on a residential mortgage

jamesd

I was thinking of the currently owned property but your point applies there also if it was a residential mortgage.