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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.

 

Dear Mark

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.

Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.

We recommend you seek professional advice with regard to any of these topics where appropriate.


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