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loans for over 70's
my mother needs of loan of £20,000 for home improvements she has had done a family member was going to lend her the money but has decided not to now, her monthly join income with my dad is approx £650, she is morgage free and has put her old house up for rent at approx £600 per month. What can she do?
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Comments
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Sell the old house.
£20k loan with an income of £1,250 a Month will be impossible.
Avoid the Equity release type lenders.0 -
It doesn't sound like a great idea to me - could they not save for the improvements?Thinking critically since 1996....0
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She has assets to sell, seems like the better bet - a £20k loan isn't going to be easy to get aged 70 with low income. Sell the old house, use the cash to fix up the new one and have fun spending the balance in retirement.0
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not going to happen...family who are due to inherit should help...It is nice to see the value of your house going up'' Why ?
Unless you are planning to sell up and not live anywhere, I can;t see the advantage.
If you are planning to upsize the new house will cost more.
If you are planning to downsize your new house will cost more than it should
If you are trying to buy your first house its almost impossible.0
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