Pensioner in need of a loan

flobert1812

Hi, I am a pensioner, in that I am 61 and retired, my income from my pensions is about £1,200 pm, however, I need a new roof, and have too much money coming in to get a reduced one or help from the council etc, I am happy to pay it myself but have no savings as such, own my own home and the only debt I have is to my credit card. which is paid on time each month, however, I have heard that once you stop working it is virtually impossible to get a loan, does anyone know where I can get a loan without the rate being prohibitive. cheers.

sharpy2010

Hi there,

Unfortunately not sure where you can get a loan but it might be worth trying your bank, as they will have history of money coming in and going out of your account.

Good luck with the new roof, until then, make sure you've got plenty of buckets!

cos_2

£1200 is not a bad income, in terms of affordability (I assume mortgage is paid and no other debt) for a small non-secured loan. But how much do you need?

First of all, I'd think approaching your bank makes most sense. They might know you and your history.

Otherwise, just go for an online application with Sainsburys or Tesco, or whichever takes your fancy.

If the cost is over 25K then you'll need expert advice on re-mortgaging. Also, I would think your income will limit a loan to 7k or so.

Good luck.

flobert1812

Thanks to both of you, have tried the online one for sainsbury's but it kept taking me back to the employment section... have asked my bank if they will lend to me, waiting for their reply thanks for the advice will update you on result, there must be other people my age out there who are retired and looking for a quick loan, only want about £4k, silly really could use my credit card but don't want to as the repayments at their rate would really make no sense.

sharpy2010

Well, at least the credit card could be your backup plan, should all else fail! Be great to get a cheaper rate than what is available on your card though.

[Deleted User]

Why not try asking the roofing firm you employ to offer you repayment terms?
Worth a go.

flobert1812

Will try that, but given the state of the country most people want paying up front, especially when they have to lay out on the tiles etc first.

sebastianj

Approach your mortgage bank and remortgage. You can try and get a flexible
one, say about 40000, where you only pay interest on the money you spend, the remainder of the money stays in the account.
you can get a mortgage over 14 years easily and at the current interest rate it will be affordable.
Don't go and ask bank for a loan, ask for a mortgage quotation. I am sure it will be much better for you and you will have cash at hand whether you need it or not.
sebastian

flobert1812

Don't really want to do that, the house is for my grandchildren to go to uni, so don't want to risk it, that is why I am trying to make sure it is in excellent condition all the time, mind you the thought of all that money makes me grin very widely..... mmm best stick to just getting the roof replaced, but thanks for the advice, must admit did not think I would be able to get a mortgage at my age.

sharpy2010

flobert1812 wrote: »

Don't really want to do that, the house is for my grandchildren to go to uni, so don't want to risk it, that is why I am trying to make sure it is in excellent condition all the time, mind you the thought of all that money makes me grin very widely..... mmm best stick to just getting the roof replaced, but thanks for the advice, must admit did not think I would be able to get a mortgage at my age.

It is, of course, possible that you will still be around in 40 years (and lets hope thats the case), in which case they will probably have houses of their own by then, and the idea of Uni will be long gone!

flobert1812

You have got me thinking, mind you what age, I wonder, is the cut off for a mortgage, would not go to £40k but thinking of all the things I could get done and do..... thanks again, off now for my beauty sleep, and boy do I need it lol