Over 70's mortgages

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More and more lenders are offering loans to older people.

There are the Equity release loans, but also ordinary repayment mortgages and interest only mortgages. We are looking at the last option to fund an extension, with the capital repaid when and if we sell.

As with any mortgage , you must show that you have sufficient secure income to make any repayments and still meet your normal household expenses.

While using a broker is the best idea, recently Nationwide has been making a big play for this share of the mortgage market, so have an open attitude to older borrowers.

Hi I’m new to gransnet and want to ask if anyone has any experience with Homewise? My parents, 84 and 82, want to move nearer and have seen this scheme. I understand that they get a lifelong lease but obviously their estate is lessened. Can you offer insights pls, preferably from experience? Thank you

IT looks like a sort of equity release plan. May work well for some but you'd need to check it out carefully.

Here's one up for sale... on the scheme mentioned previously.

www.rightmove.co.uk/property-for-sale/property-64303186.html

The home for life plan is available for anyone over a certain age and the property is cheaper the older you are however you don't really 'own' the property as such - it's more like a lease scheme and is a large part of the reason that properties suitable for first time buyers have gone up so much in the last few years.

It's very prevalent in Kent & the South East and more recently I've also noticed properties in Suffolk are being 'sold' this way - giving the investors who actually own the property a better return on their money than putting it in the bank.

Gabriella , VIOLETTE is referring to this type of scheme:

www.homewise.co.uk/home-for-life-plan/

which specifically refers to people moving from abroad.

VIOLETTE
I've personally never heard of British residents (much less ones who have only resided here for 6 months) being able to buy property for half price or less.
I'm sure that you're mistaken. I've lived here all my life and never known that to be the case. What foolishness would that be, to allow over 60s to buy property for half price?

sundancecowboy
Yeah...I've often thought that myself.
Great minds and all that...eh?

Firstly. sorry to hear about your husabnd ....with regard to returning to the UK, there is helpful advice on Age Concern website Returning to the UK after living abroad .......for instance, without residency status it may be difficult to find a landlord who would be willing to rent (no previous rental references, etc) a UK Bank, a doctor, etc etc etc .......another option only open to residents of the UK for more than (I think) 6 months, is a plan whereby you can buy a house.flat etc for often less than half its value if you are over 60..the price you may lessens with age .......but the snag is the requirement for UK residency ...however, if you have a room in your D;s house, ad have used that address for post etc it would probably be able to be counted,,,,if not, and that would be your preferred option, and you could afford it, why not rent a holiday caravan in Wales for the summer (you could rent your Cypriot property maybe for the summer as well, thereby paying your rent ?) Have no idea what property prices are like in Cyprus, but here in France they have fallen considerably, a lot of British owned property is on the market as people want to return with the uncertainty of Brexit.....I just saw a large house reduced from 150,000 euros to JUST 50,000...can only assume the seller has another property,maybe already in the UK to be able to afford to give it away ! good luck !

I often wonder why people are so judgemental.

Many move back simply for the fact that their families are worried sick about them being miles away and they get fed up with the nagging!!’

I often wonder why so many people (singles and couples) want to move back to Blighty when old age and illness looms but can't get away fast enough when they first retire.

A sad reason for having to move and I hope you have help to sort out your affairs.
May I suggest (as have others) a short term rental after deciding what kind of area you wish to settle in according to what you can afford.
You might consider letting out your home in Cyprus and renting here until the future becomes clearer and more settled.
You could also contact various tourist boards for ideas on the pros and cons of areas which you might like.
Transport links, shops, and type of neighbourhood are important and Estate Agents tend to be biased.
Wishing you luck and a happy future.

So sad to read your post pippa

I think moneysavingexpert sounds a good site to visit.

Sorry to hear of your loss Pippa000.
Post your question on the forums of moneysavingexpert, Martin Lewis.
There are very many clued up people on there who will give you advice.

Pippa,
Very saddened to hear about your loss. You are in my thoughts and prayers.

PM sent

Pippa000 I'm in the West of Scotland so Wales shouldn't be a problem to him .

I am sorry to hear of your loss Pippa000

Perhaps renting could be a good idea - we did this when we moved here although we had sold our previous house. It gave us a chance to look round and find somewhere we liked in an area we did not know at all.
If you intend to pay off this mortgage as soon as you probate is granted would a short-term bridging loan be better than a term mortgage?
Or could you put your things into temporary storage, stay in your part of DS's house until probate is granted?

If you need still to take out a mortgage you would have time to investigate and find the best deals.

Wait!
I am sure you feel an urgent need to return home but think carefully.
Is your home abroad in a Holiday spot? If so could you do a home swap for a few months until probate is granted? This would give you time to research the market and make sure you are doing the right thing.
A mortgage would be based on income only and not the equity in your current home, this could mean you wouldn’t be able to spend as much as you wished on a house.
Good luck.

? Pippa can't help but good luck whatever you decide to do

Dear mrsnonsmoker that was a very informative link. Thank you! (It gives a list of all the lenders with the age cap on lending for each).
It would be good if we could have a table of those 'reputable mortgage brokers' we always hear about and how much they charge for what when.

I moved back to the UK from Spain in 2016 after I was widowed, and couldn't get a mortgage at the age of 60 despite having secured a reasonable job. Luckily a family member was able to loan me sufficient to put a modest roof over my head.

I'm in Cyprus too Pippa000! Disappointingly I found that I couldn't get a mortgage because I hadn't lived in the UK for the two years previous to my application.

I believe its due to not being able to check your credit history accurately if you have been living abroad without a UK address.

A good broker is London & Country. Maybe it's changed since then.