Secured Loans: cheapest lending of last resort

cactushead

OK, my mum has talked to Ocean Finance to see what they could find for her and they found her income and credit rating were fine, but as expected my Dad's age (currently 71) was the main sticking point with a lot of lenders.
She got two offers but surprise surprise, they would only do it for ALL her debts which is not what she ideally wanted - she wanted about £22k of the £36k.

• The first was for 4% over 4 years which would make monthly living a bit tighter than she'd like.
• The second was for a poor 10%+ over nine years, but this would be easily manageable.

If she was to use the full £36k she would have preferred something in between, something like 7% over 7 years but obviously my dad's age leaves little options.

So whilst I'm doing various calculations for her to see what is possible, can anyone suggest places which would do mortgages for people up to 75 or 80 years old so that we can independently see what the options are before deciding one way or the other.

Thanks in advance for your assistance.

eliza143

The_Hill wrote: »

Apologies if I may have missed this in the main article, but is it possible to challenge the interest rate on a secured loasn rather like the credit card interest rate challenge?

Did you ever get any replys to this? I am in exactly the same boat and cannot find any advice regarding the high interest on a variable loan

AMILLIONDOLLARS

cactushead wrote: »

OK, my mum has talked to Ocean Finance to see what they could find for her and they found her income and credit rating were fine, but as expected my Dad's age (currently 71) was the main sticking point with a lot of lenders.
She got two offers but surprise surprise, they would only do it for ALL her debts which is not what she ideally wanted - she wanted about £22k of the £36k.

• The first was for 4% over 4 years which would make monthly living a bit tighter than she'd like.
• The second was for a poor 10%+ over nine years, but this would be easily manageable.

If she was to use the full £36k she would have preferred something in between, something like 7% over 7 years but obviously my dad's age leaves little options.

So whilst I'm doing various calculations for her to see what is possible, can anyone suggest places which would do mortgages for people up to 75 or 80 years old so that we can independently see what the options are before deciding one way or the other.

Thanks in advance for your assistance.

PLEASE REMEMBER THAT THE RATE IS VARIBLE, IT MAY HAVE A LOW STARTING POINT NOW, BUT KNOWING HOW OCEAN WORKS, IT WILL RISE. I would try to find an Independent Financial Advisor to do the shopping around for you. They have a trade body look them up on the internet.

AMD

cactushead

Thanks
We specified a fixed rate, were quoted a fixed rate and would never agree to anything else.

moneymessmummy

I need advice about secured loans, as I am in debt with a personal loan overdrafts and credit cards. My current mortgage lender will not allow me to add to the mortgage as I work part-time and they no longer want to lend to people like me who have tax credits forming part of my income. I am now in the downward spiral of outgoings exceeding my income but my total mortgage comitment is only approx 25% of my property value and having considered all other options I think this is the only route which will leave me with enough money to live on each month, anyone with any suggestions as to which lenders are safest? also im not sure if I should borrow enough to clear all debt or enough to get rid of the problem debts. I have a fair to good credit rating but one search was done last week by the mortgage company.

AMILLIONDOLLARS

moneymessmummy wrote: »

I need advice about secured loans, as I am in debt with a personal loan overdrafts and credit cards. My current mortgage lender will not allow me to add to the mortgage as I work part-time and they no longer want to lend to people like me who have tax credits forming part of my income. I am now in the downward spiral of outgoings exceeding my income but my total mortgage comitment is only approx 25% of my property value and having considered all other options I think this is the only route which will leave me with enough money to live on each month, anyone with any suggestions as to which lenders are safest? also im not sure if I should borrow enough to clear all debt or enough to get rid of the problem debts. I have a fair to good credit rating but one search was done last week by the mortgage company.

I would suggest you go over to the Debt Free Wannbe Board, You'll have to list your expenditure, but they good folks on there will be able to give you loads of advice, Sounds like lending may not be an option for you, but given advice on how to reduce your expenditure might help

Good luck
AMD

R0bert_Sterling

siteforpoorfocks wrote: »

keep taking the loans suckers, If you can't afford don;t have.
this country is full of people driving marque motors, follow them home, they live like pigs & try & influence others, dirty selfish pig !!!!s. I respect your opinion ? cmon

See what drugs do to you kids???

Just say no.... or you will end up a crack head like him!!

Ju&Mel

Hi, just looking for a little advice please
We have a fixed rate mortgage with Northern Rock which ends next November (2011)
We are looking to move house, we are in a small 2 bed which no longer fits our family, we have seen a 3 bed house we like with huge amounts of ground, the house needs doing up but is liveable so we'd do it as and when we have the spare cash.
If we changed our mortgage now we would have £7500ish in penalties to pay back, northern rock aren't really interested on lending us any more even though my husband is earning a lot more than when we took out the mortgage (£500pm more)
We need an extra £25-£30000 for this house move, would our best option be to get a secured loan? an unsecured loan each?
We have no credit cards, no loans and have just finished our last car payment this month.
We can comfortable afford an extra £400pm maybe more.
Thanks for your help

naddlywood

My wife and i have 18 debts with a total value of 23 000+. We actually have a mortgage with good equity. Unfortunately, Halifax can not give us a secured loan or any loan because of our nasty credit score. Besides, when we started our mortgage 6 years ago, we had financial help from the key work scheme to the tune of 30k+. Every lender including Halifax can not offer us loans because of this and other reasons above. What frustrates me is the fact that at this point we are in a better position financially and we even left our debt management company in favour of personal management. Since then, we have settled 8 debts. However, we project to complete all the debts by year 2013 and it is only on this occassion that we will start applying to clear our names with credit scorers. It may be too late to borrow money for remortagage and move to a bigger house now that the family has grown.

A secured loan of at least £25 000 can given us the oppotunity to start applying to clear our poor credit rating. Besides, we are currently paying a total of £1500 monthly to our credits and they are happy with these arranges especially the fact that most of them continue to apply reduced interest.

A company has approached us and promised to arrange the £25 000 loan for 3 years at monthly repayments below what we are currently paying. It all sound too good to be true until the company request a fee of £250 processing fee. If i get the money, I the £250 is insignificant, however, if i do not especially after all the hassle, it is another story. The company claims that if i do not get a loan, they will refund the money back. I am goind with it but i feel as though i am just going to be disappointed again and in this case £250 less.

Now I can not even remember what i wanted to ask. Anywhere i hope to can understand my situation and help point to the correct direction or continue with this company and hope for the best.

Any suggestions?

AMILLIONDOLLARS

naddlywood wrote: »

My wife and i have 18 debts with a total value of 23 000+. We actually have a mortgage with good equity. Unfortunately, Halifax can not give us a secured loan or any loan because of our nasty credit score. Besides, when we started our mortgage 6 years ago, we had financial help from the key work scheme to the tune of 30k+. Every lender including Halifax can not offer us loans because of this and other reasons above. What frustrates me is the fact that at this point we are in a better position financially and we even left our debt management company in favour of personal management. Since then, we have settled 8 debts. However, we project to complete all the debts by year 2013 and it is only on this occassion that we will start applying to clear our names with credit scorers. It may be too late to borrow money for remortagage and move to a bigger house now that the family has grown.

A secured loan of at least £25 000 can given us the oppotunity to start applying to clear our poor credit rating. Besides, we are currently paying a total of £1500 monthly to our credits and they are happy with these arranges especially the fact that most of them continue to apply reduced interest.

A company has approached us and promised to arrange the £25 000 loan for 3 years at monthly repayments below what we are currently paying. It all sound too good to be true until the company request a fee of £250 processing fee. If i get the money, I the £250 is insignificant, however, if i do not especially after all the hassle, it is another story. The company claims that if i do not get a loan, they will refund the money back. I am goind with it but i feel as though i am just going to be disappointed again and in this case £250 less.

Now I can not even remember what i wanted to ask. Anywhere i hope to can understand my situation and help point to the correct direction or continue with this company and hope for the best.

Any suggestions?

Sadly you are about to be ripped off to to the tune of £250! This company will offer you an unacceptable loan, which you will refuse, then they will claim that they have carried out their side of the bargain and that you turn down the loan offer, therefore they can keep your money. This will be a very expensive lesson learnt the hard way I'm afraid.

AMD