Loan options for over 60's

chriscanavan

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dealer_wins

chriscanavan wrote: »

we plan to repay the loan ourselves but cant take it out in our name

What happens if you lose your job or become ill. Your mother-in-law will be in all kinds of problems.

Dont do it!!

McKneff

You would have to inform your mortgage provider re this loan.

I dont think they would like it.

maginot

She wouldn't be able to get a £15,000 loan with £12,000 income and unlikely to work much longer.
If she is really set on helping you, cashing in the ISA would be the best option.
However I would personally not follow this course of action, I know she wants to help you, but what happens if you are unable to make repayments? This could happen for a number of reasons! She has limited funds for her retirement, keep saving yourselves for an extra couple of years and then you won't have the stress of borrowing from family members.

bouncydog1

Please don't burden your mother in law with your financial worries - she should be able to look forward to a stress free retirement and even though she has a little saved this is not going to go very far.

If she has room could you move in with her for a while to save your rent? That way she would be helping you without running the risk of being left in debt.

When these arrangements start everything seems great, but they do go wrong for unforeseen reasons - job loss, illness, divorce etc. etc. You will also have to declare any repayments you need to make to your mortgage lender reducing the mortgage amount available.

Have a read of the lending money to friends and family thread.