How do I get a mortgage for my 80 year old mother ?
Posted on 3 December 2015 by Mark
My mother is 80, her house is worth £135,000 and she has an offer. But the house she needs to move to is £150,000 (adjacent to my sister). How do I get a loan (she can repay me as she has a good pension) or how can she get a loan/mortgage? It seems impossible! They either say she is too old, or want to lend minimum sums much larger.Any help would be appreciated, thank-you. I would estimate my Mum's pension to be about £25,000 but I haven't checked that.
Thank you for your recent enquiry submitted on our website.Your mother will struggle to secure a mortgage due to her age and she requires a loan of £15,000.A possible solution would be to consider a non secured personal loan given you state that your mother has an approximate pension income of £25,000 per annum.
If you approach your bank or another provider, you merely have to tell them the loan is to part buy a property. You could find the cheapest non secured personal loan rates online using comparison websites to calculate suitable loan term and monthly payment options your mother can afford.
Getting a personal loan will work out cheaper overall than a mortgage as there are limited fees, no broker, valuation or solicitors costs and for a loan of £15,000 it may cost less overall.
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