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Help Please trying to finance mother
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Hi
I want to help my step mother to release some kind of finance for her. She is 84
She owns a bungalow valued about 200k. Has no mortgage and no debt.
I have heard she may be able to get interest only loans. She is only looking at about 5k
Can anybody advise how she should go about this.
Many thanks in advance for any help.
I want to help my step mother to release some kind of finance for her. She is 84
She owns a bungalow valued about 200k. Has no mortgage and no debt.
I have heard she may be able to get interest only loans. She is only looking at about 5k
Can anybody advise how she should go about this.
Many thanks in advance for any help.
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Comments
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would her children not be able to help?0
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Nobody will do an equity release for £5k its not worth their while.
Would her bank lend her the money on a personal loan?0 -
Would a Bank loan her any money with no income other than her pension.
Ideally she is after something where she can just repay the interest and the capitol is paid after she is gone to Heaven0 -
If she lives to 103 thats going to be a considerable amount of interest!£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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What is it for? It could affect where she might get it from.0
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So what is her income in ££'s? State pension, private pension...?
They'll lend her based on her income, pension or otherwise-the amount is what matters, as that determines what she can afford to repay.No free lunch, and no free laptop
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Age is also a factor, though. It may be a bit macabre, but would you be 100% confident in lending money to an 84-year old?So what is her income in ££'s? State pension, private pension...?
They'll lend her based on her income, pension or otherwise-the amount is what matters, as that determines what she can afford to repay."Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."0 -
Before answering I need to know why does she need to borrow money ?0
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