60+ remortgage struggle to prove income

slugger230

Hello,
I'm trying to help my mum out, she has a mortgage of about 125000, a loan of about 30000 plus some other debts totalling about 30000. She would like to remortgage to consolidate all of them. She's currently paying about 600 interest only about 400 for the loan plus about another 200 p/m.
The property is worth about 250-280000.
She has her own business but will struggle to prove income. She has been living off some inherited money mostly.

Is there a way to remortgage based on equity alone for a good rate? Or any other options to save money?

Thanks

Thrugelmir

Seriously consider selling up and renting.

getmore4less

She has her own business but will struggle to prove income. She has been living off some inherited money mostly.

Does not look good, debt, living of savings probably cash flow negative

A proper look is needed

Do a Statement of Affairs for her to find out what is going on

http://www.makesenseofcards.com/soacalc.html

Annisele

How old is your mother (options at 81 might be different from those at 61)? Forgetting for a moment about how she'll prove her income, how much income does she actually have? How much of it is from her business, and how much from pensions/benefits?

The quick answer to your questions is "no" - it doesn't matter how much equity she has, no mortgage lender will lend on a normal residential mortgage unless they can see that she has the income to repay the loan.