loan advice - retired

luceffc

P.s the indicative rate was 7.3 and it offered a rate of 7.4... Not sure if that makes any difference?

Gaz83

luceffc wrote: »

Hi all, thank you for all your replies. Im wondering whether a better option might be to apply for half the amount in my name and my partner to apply for the other half in thiers? They are also retired and recieve a pension but as the borrowing amount will be a lot lower do you think there would perhaps be more of a chance of success?

I would love to speak to a professional advisor as am getting myself in a right muddle! Im just unsure where to start. Google just keeps coming up with debt managment agencies (although is likely that is user error!)

We found our mortgage advisor through asking a few friends / colleagues. He was excellent. Sometimes the best advisors / brokers are found through word of mouth. Do you have any friends or ex-colleagues you could ask for a recommendation?

EDIT: there is also a website www.unbiased.co.uk where you can put in your postcode and it will give you a list of local independent financial advisors.

Morglin

luceffc wrote: »

HI there,

I'm looking for some advice on loans for the retired. I have been searching on the internet for days for advice but cant quite find the answer so I am hoping someone here might have the info im looking for!

I am 63, have no mortgage on my house worth around 360k. No debt, just the usual monthly utility bills and food etc. I want to apply for a 25k loan to repay over 5 years. Half for myndaughters wedding and half for home improvements before I sell. My daughter is unable to get a loan as they habe only just brought thier house on one of the 95% mortgage schemes. I cant get a secured loan as my mortgage is paid off and have been advised against re-mortgaging due to my age and no employment income.

So my question is, will I be approved for a 25k loan over 5 years (it will be paid off before then will the house sell, not that this will matter to them) with excellant credit rating, no debt and a 30k per annum pension, at 63? Im worried sbout applying and being declined effecting my credit rating.

Thanking you in advance for your help!

Ask your bank, as we are retired, and they are always trying to sell us loans, so, obviously, if they think you can afford it, employment, and retirement age is no barrier.

Lin

iolanthe07

Actually some lenders prefer the recently retired, as there is a statistical probability of 20 years or so more life and, with pensions, a guaranteed income together with no prospect of being made unemployed.

luceffc

Hi ilonthe07

Do you have any idea which providers these are?

Thanks for your reply

chesky

Have you spoken to your own bank? It looks as though you're an ideal client and if you have had your account with them for several years they will be in a position to see that. After all, your income - even though it's a pension rather than a salary - is respectable. You could make an appointment to see one of their 'advisors' (they're really salespeople) and have an informal talk to see what the reaction is before having a proper search.