Relocating my MIL

[ilovehens]

My MIL is in her early 80s and owns her house outright.

We would like to move her nearer to us - she is currently 160 miles away.

A house two doors down from us has recently come onto the market and would be suitable for her.

It's in reasonable condition and just needs some redecoration and carpet cleaning etc.

It would be better for her to buy the new house and take her time moving into it whilst her house is on the market - she lives in a popular area and it should sell provided it's not overpriced.

Does anybody know if it would be possible to borrow the money against her existing house in order to buy the new one? Her existing house is worth a lot more than the one she wants to buy.

My SIL has been told that my MIL wouldn't be able to get a mortgage due to her age and none of us would be able to get a mortgage due to not having a large enough income.

She really needs to relocate near to us as she's getting frail and there's nobody to look after her where she is now. We have no room in our house to take her in whilst her home sells and she can't manage the stairs.

Any ideas?

Usually if people want to buy a new house before they've sold the old one they get a bridging loan, which you'd get from a mortgage provider but would be higher-interest and shorter-term than a mortgage. I don't know how much your MIL's age would complicate things. Certainly she wouldn't be able to get a normal mortgage because usually they are for a term of 15 years or more.

Has your SIL talked to a bank?

Yes, she was going to make an appointment this afternoon. Hopefully, she should be able to speak to someone this week.

A bridging loan would probably be the answer, but I know they're very expensive and to be avoided if possible.

Just another idea, if the loan doesn't work out, you could asks the vendors if they would be interested in renting it to you for the time it takes your mil to sell her house.

Bridging loans are usually only given when the house is sold, but the entry dates don't match up - ie, for a set amount of time. I think it would be really hard to get one when the first house hasn't been sold.

It might be worth speaking to Age Concern's helpline to see what they suggest. I'm sure they will have come up against this situation before.

Good luck - hope it all works out for you.

Jenroy 29, that's a really good suggestion. The vendors aren't in a huge hurry to sell from what they have said.

AgentProvocateur, I'll get my hubby to give Age Concern a ring tomorrow to see if they have any suggestions, as this situation must crop up regularly when trying to relocate someone.

thanks for the replies xxx

Have you asked the MIL whether she WANTS to move? She may not want to be disrupted.

Yes, she is desperate to move because she's getting frail and is struggling to manage in such a large house. The idea of living two doors away from us appeals to her because she'd be nearer us for help and to see the grandchildren grow up.