Borrowing In Retirement

AMILLIONDOLLARS

My parents are of thinking of borrowing against their property, my mother is 71 and her husband is 75, they want to buy a house in the sun, is there an organisation out there that would be willing to lend to two people this age?

They don't really want to sell their house in England, but I feel they may have to if they want to realise their dream, any ideas

Thanks in advance

EdInvestor

Do they want to do equity release? This means they don't repay the loan in their lifetime.

https://www.ship-ltd.org.uk

AMILLIONDOLLARS

I don't think they were going to go down this route , I believe the area is shark invested, We will be calling a family conference and float some ideas, thanks for your suggestion anyway!!

AMD

jonesMUFCforever

In this day and age I don't think banks and building societies have a hard and fast rule about lending to pensioners only that they can comfortably afford the repayments.
In theory there should be no reason why they should not borrow against their property through a normal mortgage although given their ages it would be wise to take out life cover to cover the loan.I would assume that the premiums for this would be quite hefty.