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mortgage granted for terminally ill

Michael7_2 · 2012-01-20 21:59:37

Hi, hope i have posted this in the right place... 3 months ago my father went to his bank and ask for a mortgage on his house...a loan of 28000 against it.....he was granted this without having any way of paying it back and having a terminal illness, he was on pension credit and had no other income or savings, on 6th jan…

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ManAtHome Posts: 8,512 Forumite

20 January 2012 at 11:44PM

Well, I suppose you have to ask yourself the question: if you had equity in a house and a few months to live would you rather have somebody provide you a loan (to be taken out of the estate) for a last fling or be told to just sit in your chair and wait to preserve the value of your estate?

A mortgage will have racked up much less interest than personal loans or credit cards - sounds like the bank may have actually done the right thing.

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mortgage granted for terminally ill

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