Urgent Help Please

Pedders18

I asked a while back, but a family member wants to take out a £25k loan, has a superb credit record, has a lot of equity in their house but is 62 years old and has a great job & works full time.

So far, he has been quoted around 12% which I dont think is very good bearing in mind they have about £350,000 in their house and not much mortgage left.

Please help....

Any suggestions??

:cool:

[Deleted User]

looks to me like the age could be the stumbling block,other than that in the present loans climate 12% aint that bad

CLAPTON

is he securing the loan on the property?

talana

Given his age and the £350K of equity in the property, some kind of equity release plan?
Not an area I know anything about mind! :rolleyes:

Pedders18

Been offered £23,000 at 13.4% APR, so not the right amount really but there is the starting block. He is securing the loan yes, I dont think anyone would touch him without doing that?

So, 13.4%, any advances??

CLAPTON

has he tried simply to get a mortgage

the amount of equity is only one factor,
the main one is his ability to repay especially at his age.

whats his income
and what will his pension be in retirement
and how long does he want the loan for