Can anyone recommend secured loan/remortgage company for unemployed?

xyummimummito2x

Hello,

I am writing this on behalf of a family member,

She wants to borrow a £15,000 long term loan, preferably using her house (has been fully paid off) as a collateral, with either a secured loan, or re-mortgaging part of this (depending on minimum loan amount). Her bank say that as she does not have enough income, but she knows she will have enough to pay back each month, that they cannot provide one, even though the deeds are in the same bank and she has been a customer 30+ years and they can see that she keeps on top of payments.

Can anyone reccommend a trusted company to go with, that will accept someone with a low income? And whether we should be looking for a secured loan or remortgage as this is all new to us,

Thank you in advance

opinions4u

No chance.

Sorry.

jonesMUFCforever

I second that - without a salary to service even an interest only mortgage nobody will lend in this case.

xyummimummito2x

Even though she's unemployed due to disability?

Peelerfart

Agree with above,sorry, no chance.

Not unless you're willing to swim with the sharks

xyummimummito2x

Ok thank you, just thought that as it would be secure the lender would have nothing to lose?

CLAPTON

xyummimummito2x wrote: »

Even though she's unemployed due to disability?

the important point is the ability to repay

what is her income?

and remember that if she defaulted on the loan she might lose the house... is the need for a loan worth that risk?

xyummimummito2x

Yes it's for home improvements, double glazing and central heating are the main reasons, but would be willing to take a loan of a lower amount, just thought that it would be possible as the lender has the security if payments are not made etc, but the amount to be repaid would definately be possible, although they will not accept this unless there's proof of a higher income. Her income per year is £11,000.

jonesMUFCforever

xyummimummito2x wrote: »

Ok thank you, just thought that as it would be secure the lender would have nothing to lose?

So if or when she fails to pay and the bank repossesses the house - can you imagine the bad publicity the bad banks would get - fancy lending money to someone on benefits. Can t win can they?