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56 year old homeowner can get a loan?

CLN
CLN Posts: 102 Forumite
in Loans
Hi, I'm sure there is so much information about this already on here but to be honest I am so clueless about the subject I wouldnt even know where to look! :) So hope someone can help me on here.

I am a 56 year old unmarried British woman with an income under £2000 but good credit history and owner of my own home worth around £170,000.

I need to borrow around £30,000 for up to 5 years and am wondering if it is possible at my age and under my current condition? Also how can I find the best rates? I really have no idea where to start looking regarding this, if anyone could help it would be much appreciated!
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Comments

  • HappyMJ
    HappyMJ Posts: 21,115 Forumite
    10,000 Posts Combo Breaker
    Not with income of £2,000. How do you intend to repay this loan? You could get a small limit in a credit card but no lender will lend you £30,000 over 5 years if you are only going to earn £10,000 over the next 5 years.
    :footie:
    :p Regular savers earn 6% interest (HSBC, First Direct, M&S) :p Loans cost 2.9% per year (Nationwide) = FREE money. :p
  • cos_2
    cos_2 Posts: 624 Forumite
    Part of the Furniture Combo Breaker
    Your age isn't an issue but your income is. Do you mean your income is under £2000 per year? I suspect not :)

    Assuming you mean per month, it still sounds a bit too low for a 30k loan over 5 years. Unsecured loans tend to be limited to 25k so you'd be looking at borrowing against your property. Googling secured loans will give you a starting point.
  • barbarawright
    barbarawright Posts: 1,846 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    £2000 a month?
  • Caz3121
    Caz3121 Posts: 15,875 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    for loans the regular debt to income ratio seems to be 50% so, assuming you have no other debt, for a £30k loan you would need a £60k income.
    Assuming you own your home outright, have you looked at mortgages. You may be able to get a 10 year mortgage and if paying it off early in important then look for one that has this facility (again assuming your income is not £2k per annum)
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    CLN wrote: »
    Hi, I'm sure there is so much information about this already on here but to be honest I am so clueless about the subject I wouldnt even know where to look! :) So hope someone can help me on here.

    I am a 56 year old unmarried British woman with an income under £2000 but good credit history and owner of my own home worth around £170,000.

    I need to borrow around £30,000 for up to 5 years and am wondering if it is possible at my age and under my current condition? Also how can I find the best rates? I really have no idea where to start looking regarding this, if anyone could help it would be much appreciated!

    So your income is under 2k a year and you want to borrow 30k over 5 years, how would you afford the repayments plus all the usual day to day costs. Your age isnt the issue, what is the issue is your salary.
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    The OP must mean £2000 a month. No one could live on £2000 a year!
    I used to think that good grammar is important, but now I know that good wine is importanter.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    iolanthe07 wrote: »
    The OP must mean £2000 a month. No one could live on £2000 a year!

    True or she could mean £20k a year
  • dealer_wins
    dealer_wins Posts: 7,334 Forumite
    Is the OP a scammer. Seems strange to register, post asking for help and not respond to the replies?
  • geoffky
    geoffky Posts: 6,835 Forumite
    Hope the loan is not for love!!!
    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.
  • DCFC79
    DCFC79 Posts: 40,641 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    OP im on tenter hooks waiting for you to come back and answersome of the questions posed to you.
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