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is it possible?? at 63years old?? any advice please.
bamberbamboo
Posts: 478 Forumite
Evening,
this is an enquiry a friend has asked me to post for them, they are a couple 63 years old, no mortgage house valued at 380k maybe more, they would like to raise about 60k which is the best way forward a personal loan each would only give them 25k each short term so any suggestions would be great,
thanks
this is an enquiry a friend has asked me to post for them, they are a couple 63 years old, no mortgage house valued at 380k maybe more, they would like to raise about 60k which is the best way forward a personal loan each would only give them 25k each short term so any suggestions would be great,
thanks
a please & thank you is all it takes :wave:
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Is it not an option to sell the house and downsize?0
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no it's not for that they don't want to downsize,a please & thank you is all it takes :wave:0
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Depends on their priorities really - many lenders would be happy to lend to them on the basis of pension income, assuming they're retired, on either repayment or interest only, or they could look at a Lifetime Mortgage where they make no repayments but the debt rolls up. Which is the best route depends on what they want to do with the cash, how long they need it for, their own income/employment staus etcNumber 86 - Stole a car from a one legged woman... I'm just trying to be a better person0
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Hi, it's actually to buy a property abroad, for which they have half the money in cash but don't want a foreign mortgage because of their age, thought maybe they could raise the money on their home? but didn't know if anyone could reccommend a mortgage company that would deal with over 60'sa please & thank you is all it takes :wave:0
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Try the Nationwide.
JoeKI am an Independent Financial Adviser.Anything posted on this forum is for discussion purposes only. It should not be considered financial advice. Different people have different needs and what is right for one person may be different for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser who can advise you after finding out more about your situation.0 -
Some lenders will treat as a re-mortgage of an unencumbered property and so they can offer free legal fees and free valuation
Over how long did they want the mortgage/loan?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
There are lenders that do not restrict the maximum age for lending and Nationwide is one of them.
I would cation you however, as not all lenders will allow a remortgage to buy another property plus they will often restrict the amount that you can remortgage for capital raising.
Do try to contact a whole of market mortgage broker as they will match your friend's needs with the criteria of the lender.
Luv
LipstickI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
It would good to get 10years, they can get 2 personal loans from Lloyds no problem but its over 5 years almost £500 per month x 2 loans, so a re-mortgage over 10 years the repayments would be lower, they wouldn't say it was for a property abroad maybe home improvments? new car etca please & thank you is all it takes :wave:0
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Hello.
You said it!
Luv
LipstickI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
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