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Advice please
pudding_head
Posts: 1 Newbie
I have a family member who needs to raise £30000. They own the property that they live in outright. The property has been valued at £265. They are 59 years old and because of this have been told that due to age and no pension. They wouldn't get a mortgage, so reluctantly they are selling the property. Is this right? It seems crazy that they have equity in the property but can't borrow £30000. I have looked at equity release loans but the interest rate is so high. Thanks
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It depends on when they would pay the mortgage back? If it's a 5 year mortgage and they plan on retiring at 65 then it's not so much of a problem.Changing the world, one sarcastic comment at a time.0
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There may be many options here depending on variety of issues and criteria - get professional advice from an independent broker.Hi, we’ve had to remove your signature. If you’re not sure why please read the forum rules or email the forum team if you’re still unsure - MSE ForumTeam0
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pudding_head wrote: »It seems crazy that they have equity in the property but can't borrow £30000.
You've answered your own question.no pension.
Debt has to be repaid and/or serviced.0
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