Mortgage at 72 - is this possible?

Katie59

Norah

lejaye ^Tiny houses/homes are like these www.tinyecohomesuk.com - but prettier ones exist. There's quite an active tiny homes movement internationally.

Gracious, lovely and modern!

Much nicer than writing from my chair in an old stone farmhouse (which has served all generations prior to mine).

We were looking for holiday apartments in Florida and we came across Tiny Apartments, they were converted shipping containers - we looked elsewhere.

One of our favourite ski slopes has a collection of tiny homes built of old shipping containers. Stunning - high in the mountains.

Economical use and recycle.

Norah

lejaye ^Tiny houses/homes are like these www.tinyecohomesuk.com - but prettier ones exist. There's quite an active tiny homes movement internationally.

Gracious, lovely and modern!

Much nicer than writing from my chair in an old stone farmhouse (which has served all generations prior to mine).

We were looking for holiday apartments in Florida and we came across Tiny Apartments, they were converted shipping containers - we looked elsewhere.

My in-laws took out a mortgage after retirement, can't remember how old they were but about 70.
My husband had to stand surety on the loan.

Never seen it written down before, so I spelt it phonetically.

lejaye ^Tiny houses/homes are like these www.tinyecohomesuk.com - but prettier ones exist. There's quite an active tiny homes movement internationally.

Gracious, lovely and modern!

Much nicer than writing from my chair in an old stone farmhouse (which has served all generations prior to mine).

Germanshepherdsmum

Segue.

Thank you for working that out, I was lost!

Segue.

lejaye you will find, if you stay with GN, and I do hope you do, that once you have launched a thread, you have lost all control of it, and while you may have got all the information you want from the thread, oher people will still continue to discuss the problem you asked, or it may just turn a corner and segway into an entirely different diccussion about retirement flats, or down sizing.

Threads are like children, you do your best, but how they turn out is highly variable.

Gosh even more messages. Thank you so much everyone, I'm quite overwhelmed. Tiny houses/homes are like these www.tinyecohomesuk.com - but prettier ones exist. There's quite an active tiny homes movement internationally. Secondly, we looked into getting a buy to let mortgage but were advised in no uncertain terms that letting to close relatives was not allowed. Too much of a risk of nonpayment of rent followed by defaulting on mortgage. There may be ways round it which we will look into further if we find a suitable property. Lord knows how anyone would know but still. Shared ownership (there's a special version of this for older people) is a possibility though mostly new builds and I really am not a fan but it's still on the list, and I've already looked into a swop but there's nothing nice. This house also has a very strict residential requirement which will restrict suitable tenants hugely.

Although I'll be careful about neighbours, nice ones can still move out but in my own home I can at least build a hedge or fence! Thanks for the sympathy by the way I was concerned I might sound a bit snobby. This has all crystalised my thinking so I'm going to start looking into these options more seriously. Either that or I might blow the lot on a toy boy. If I could be bothered. Thanks all

LJ

Another alternative if your daughters garden is big enough might be a small granny annexe built at the end of her garden or even a secondhand mobile home put in it maybe?

Forgive my ignorance, but what are tiny houses, exactly?

I can't advise, but I wish you the very best in your endeavours.

I would have thought a social housing swap should be your first choice, a mortgage will depend on what income you have repay, at 72 what pension do you have to fund the repayments.

Have you looked into Housing Association's or shared ownership?

After deciding to move house to live nearer to my children, I took out a 10 year repayment mortgage when I was 66. I visited a mortgage broker and it was very straightforward. Incidentally I had not had a mortgage for several years previously.

Good luck with this.
I live in a small old terraced house ( not social housing) but there are still a few neighbours in the street who neglect the garden and leave bins out front and let dogs foul the pavement as well as a couple of shall we say odd people.You can get neighbours like that in a lot of places.
Have a good look round the street you want to buy on for a while to be sure you’ll have ‘normal’ neighbours before you buy.

Have you thought about a council house swap? If you have a house would you consider a flat ? People would take your hand off, my friend swapped her two-bed house a rough area for a one bed house lovely place on the IOW. They people she swapped with didn’t like the quiet snobby area and they wanted to be near the hospital and not pay the ferry every day. It is just a thought. I do not know anything about mortgaging at an older age. My FIL took out a mortgage when he was older, but his son was some how involved.

I kind of agree with others. An interest only buy to let mortgage with your daughter being your landlord is your best option. A mortgage broker can help her get the best deal.

My daughter and her partner have their offer accepted on a lovely house in nearby village. The lady selling the house is moving into a park home. The housing market where they live is moving so fast, houses sold within one to two weeks of going on the market.

Best of luck with the move.

What about a 50/50 home with half ownership? My son in law did this on his flat and it worked out very well. He had to pay some rent but has security of tenure. Lots of ideas here, good luck and just do it, it will work out well. My favourite is the one where your daughter buys a house with the legacy and you pay rent equivalent to the mortgage.

Had friend in similar situation who was advised to get bank loan as opposed to mortgage. Good luck with the move.

PamelaJ1

Could your daughter get a buy to let mortgage? You give her the £70k she buys the property and you live in it, pay her rent to cover the mortgage and undertake to pay for repairs etc.
I do know someone who has done this.

A buy to let mortgage could work quite well for your daughter, with your legacy as deposit. Family financing is very effective.

SorryRetread just read your post. I’m sorry if it looks like I copied you.

Could your daughter get a buy to let mortgage? You give her the £70k she buys the property and you live in it, pay her rent to cover the mortgage and undertake to pay for repairs etc.
I do know someone who has done this.

We are fortunate that the amount we borrowed was less than 10% of the value of the house, so there will be more than enough capital in the house for our family.or care, when we go.

What we did not want was the build up of interest than can eat into your capital if you roll the interest up as you can with equity release. Fortunately we both have occupational pensions, so the interesr payment is well within our means, even if the amount we pay doubles at the end of next year after the three year fixed rate expires.

Monica

Yes you’re right. My friend did look into a RIO mortgage too and was accepted in principal but then decided to go for a repayment as she wanted something to leave her children. I hadn’t heard of them until she told me and I think they’re a great idea.