Mortgage or Secured Loan

shazzab123

Hi
My Mother wants to raise about £30,000 from the collateral on her property which is worth about £120,000 which she owns outright. She is 78 years old. She wants the money to consolidate debts on credit cards and loans etc which have now got out of hand monthly repayment wise. Where should she look first and which product would be most appropriate given her age?

Tixy

What is your mothers income?
I think its unlikely she will get either a mortgage or a secured loan given her age.
If she is struggling to repay £30k of unsecured debts she might be better to seek advice from one of the debt advice charities - IMPORTANT - Where to seek professional impartial advice about your debts.

TonyMMM

Unless she has the income to support a 30k loan, she is going to be looking at some sort of equity release arrangement .... but , take good independent advice and be sure she/you understand exactly what she is signing up to if she goes down that road.

Otherwise , sell and downsize to a smaller/cheaper property.