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Financing a property for an 85yr old

1 reply

StarbucksQueen · 14/04/2021 12:16

My mum lives in a shared ownership property, probably worth about 75,000. This isn't mortgaged.
A similar type of property has gone up for sale near me (mum is currently 80 miles away from me)
Mum has savings, but ideally would like to buy the one near me, without it depending on the sale of her current property. (Although if it happened that way it would be a bonus)
She is about £20000 short of being able to buy the new one - I have about £6000 in savings i could give her, but as I only work part time I wouldn't be able to get a loan to help with the rest..just wondering if anyone has any thoughts/options that might be helpful?

OP posts:
Mosaic123 · 14/04/2021 13:43

A short term loan from another relative?

Would your Mum's property sell fairly quickly? You need to be confident that it will sell before you commit her to buying the other one.

I understand shared ownership flats have various conditions attached to them on sales. This all needs checking out first.

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