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Sorry to hear about your mum, isn’t she going to need an extensive care package?
I’d have thought she’d need to be in a nursing home ?
My mum broke her neck 6 weeks ago in a freak accident. Sadly she is paralysed, but is making a very slow recovery, likely in hospital for another 3-6 months.
The reason for the post is to get some advice on mortgages. She is the outright owner of her house, but wants to sell and buy a retirement flat that is on the market. Her house will be going up for sale on Monday.
The challenge is that the flat that has come up is the first in years where she wants to be. I am nervous it will sell before her house, and her heart is set on it.
Her house is worth roughly twice the price of the flat. I cannot extend/take another mortgage until January when ours is paid off. The question is, can she take out a mortgage at 76 if I act as guarantor for the full amount? A bridging loan is ridiculously expensive so thought a 20 year loan on a 2 year deal (or something like that), that can then be paid off in full at the end of the 2 years would be the best option, but no idea if possible!
Any bright ideas for how to secure the flat in case her house is not sold in time?
Thanks all!
Sorry to hear about your mum, isn’t she going to need an extensive care package?
I’d have thought she’d need to be in a nursing home ?
You take a BTL mortgage on the flat? could solve some inheritance issues?
Saga equity release has teams of advisors on this type of issue and they can move quickly. Suggest you check with them as you may be able to release half the equity to buy the property she wants.
Awful news. I'm sorry!
There are plenty of bridge funders. Not cheap, but they can move quickly. They'll lend the money to buy the flat, with the loan repaid upon sale of the house.
Have you also tried speaking with the vendor of the flat? They might not be in such a rush, and me hey to give you a little time?
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Yeh maybe speak to the vendor - a slight increase in the price might work out cheaper than a bridging loan
Good luck mate I hope that you have a decent outcome for your mum!
Thanks all, will ring Saga and see about contacting the vendors.
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