Let To Buy Mortgages

[carlyon bay]

my property is on the market for











my property is on the market for £365,000 and has only been on the market for 4 weeks , however i have seen a property i do not want to miss and is priced at £190,000 it has been suggested that i go for a let to buy interest only mortgage Ive just reached the age of 70 and i have an individual annual income of £27,000 can any suggest how i go about this,are there any problems doing this ,and what amount i might be given as a mortgage thanks for any advice

[Kathyan]

I doubt you'll get any mortgage at age 70.

[ubasses]

Once upon a time you could have got a buy to let up to age 90 from some non main stream lenders, but these days I am not so sure these are still about. I think high st lenders are still about 75. Your personal income is not so important for a buy to let, rental income must be circa 125% of the monthly intrerest payment. A mortgage broker will probably be your best bet if you have any chance.

[carlyon bay]

thanks very much

[bushbaby_de]

There is a difference between buy to let and let to buy - if you got a let to buy mortgage (which I agree is unlikely anyway given your age) that would mean you would rent out your existing house, not sell it. What you would actually need to look for is a bridging loan, which gets paid off when you sell the original house, but the rates are very high. Can you not just put an offer in on the new house and be in a chain until yours sells?

[carlyon bay]

will let you know what happens