Pensioner in need of a loan

arbroath_lass

If you only have the one credit card you could apply for a couple of 0% cards and either pay that way or do a balance transfer from your "old" card. I've no idea if you'd get a high enough credit limit, though.

CLAPTON

how much do you save each month?
why do you have no savings?
hoiw much could you afford to pay off each month

Caroline_a

I'm curious OP. You say that the house is for your grandchildren to use to go to uni. Where will you live then?

chesky369

Clapton beat me to it. You would stand a very much improved chance of getting a loan if you were able to show that you didn't use all your income but saved some of it. Unless the work is urgent, I'd start by opening up a savings account with my own bank and then approach them after I've shown I'm saving regularly.

Also, have you a Credit Union in your neck of the woods? It may be that they would be able to help if you saved with them first.

sebastianj

Remortgage will be on the value of your property and you will not take any risks, and some banks will continue transferring mortgage within the family. The repayment on 40k will be about 280 a month, if worst happens and interest rates go to 10% then you will pay 572 a month which is still affordable, and you only pay back the money you spend.
If you take a loan at 6-7% now and it goes up then you will be risking. Searching for loan companies and enquiring may effect your credit rating so be carefull what you do.
sebastian

pmlindyloo

I know it is generally frowned upon to borrow from family on here but if done properly it is a very cheap way of borrowing money. Despite the stories you may read many families help each other out in this way with no problems at all.


If any of your children have savings then they might be happy to lend you the money and, in turn, you can set up a DD to repay them monthly. (with a small interest amount added to compensate for loss of their savings rate)

Of course you should set this out in writing in case of any problems.

chesky369

pmlindyloo wrote: »

I know it is generally frowned upon to borrow from family on here but if done properly it is a very cheap way of borrowing money. Despite the stories you may read many families help each other out in this way with no problems at all.


If any of your children have savings then they might be happy to lend you the money and, in turn, you can set up a DD to repay them monthly. (with a small interest amount added to compensate for loss of their savings rate)

Of course you should set this out in writing in case of any problems.

It could also be seen as a very sensible way for them to be keeping their future property in good repair and safeguarding it - nobody wants to inherit a wreck.

Macca83_2

With most banks your pension is a legitimate source of income. They Will usually enter the number of years retired as the number of years in 'employment.'

They can and do lend regularly to people 60+.

somethingcorporate

Have you got a 2nd / 3rd /4th opinion as to whether you actually need a new roof? When we moved into our house the surveyor and the first two builders we had told us we should re-roof. The next 2 builders and a roofer said a patch up and general tidy up would see us good for another ten years at least. This cost £500 compared to the £4k+ that the others wanted for a re-roof and the roof has been sound as a pound ever since