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It is very unlikely your MIL we get any form of loan at her age, regardless of how much security she has. Loans are credit scored and her age will be a big obstacle in the loan being approved. Banks are not allowed to agree loans purely on the strength of the security on offer.
It is likely that with repayments of £400 you would be looking at least 5 years to pay it off (depending on the interest rate), providing there are no hiccups along the way. Your MIL with be in her 80’s by this time.
The bank will look at your income and expenditure and see if you will be able to comfortably afford the repayments.
£16K is far too big a balance to be held credit card, as these should only really be used for short term borrowing. So something needs to be done, I just don’t think the loan route will be an option for you.0 -
What did you spend this money on?Thinking critically since 1996....0
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