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Why can't I get a small mortgage to purchase a one bedroom property?

I have moved back to the UK from Australia. I have been offered a flat from a housing association, with a rent of £500 a month. I am 65 years of age. I want to borrow approx. £40,000 to purchase a property in the region of £120,000. I would appreciate any positive advice.

Asked on May 15 2010, Home Finance in Eastleigh | Report content

Answers (2)

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  • There are many factors involved here, how long were you in Australia for? What income do you have? You mention a housing association what is their % ownership of the property? What is your credit rating like? Is the property in a block of mixed use commercial property etc. What you need is a meeting with a good independent financial advisor which the housing association could recommend or I know an excellent one if you would like me to put them in touch with you let me know. Good luck.

    Answered on May 15 2010, Report content
  • There may be a way of getting a loan or a company to jointly purchase the property with you. Talk to Jon Walker at The Place 4 Mortgages in Winchester a try he should be able to assist you.

    Answered on Jun 21 2010, Report content

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