Loans for an 80 year old

dkb

Hello
Long story short. I need to look into getting a loan for an 80 year old. The amount is about 25-30000.


Before I go off spending hours upon hours looking, would I be wasting my time?


Could anyone point me in the right direction please?

[Deleted User]

It will be an uphill struggle. What sort of term do you have in mind? Does their income support it? Is equity release a better option?

Perhaps speaking to their own bank would be the best place to start, but I wouldn't hold your breath.

Pixie5740

I think the maximum age limit for a loan with Nationwide is 85 so there are probably other high street lenders out there offering loans to older people. It might be worth trying some of the building societies too as I know that for mortgages they are more willing to accept older borrowers.

tonyh66

your probably wasting your time, questions to ask: how will they pay it back and over what period of time will they pay it back?
if they need that amount of cash, equity release will probably be the only way.

margaretclare

Pixie5740 wrote: »

I think the maximum age limit for a loan with Nationwide is 85 so there are probably other high street lenders out there offering loans to older people. It might be worth trying some of the building societies too as I know that for mortgages they are more willing to accept older borrowers.

No, it's not 85, it's 79. Reason I know this: I enquired about it last spring when we were setting up our bathroom improvement project. We were planning to share the cost between us so I aimed to borrow £8K. I realised some of my investments. DH put his share on to a 0% credit card.

It also depends how credit-worthy you are. DH has no difficulty getting 0% credt because he's incredibly credit-worthy even though he's now 82. He recently paid off a 3-year car loan and there was no difficulty getting that.

PS: This is a huge amount of borrowing. Why? What is it needed for?

dkb

Thanks


Annual income is 19200, paying back over 5 years. Needs to convert property to make it more suitable.

Pixie5740

margaretclare wrote: »

No, it's not 85, it's 79. Reason I know this: I enquired about it last spring when we were setting up our bathroom improvement project. We were planning to share the cost between us so I aimed to borrow £8K. I realised some of my investments. DH put his share on to a 0% credit card.

It also depends how credit-worthy you are. DH has no difficulty getting 0% credt because he's incredibly credit-worthy even though he's now 82. He recently paid off a 3-year car loan and there was no difficulty getting that.

PS: This is a huge amount of borrowing. Why? What is it needed for?

You're right, it's their mortgages that have an upper age limit of 85 not their personal loans.

Gaz83

Can't see anyone giving a personal loan to an 80 year-old £25k on an income of less than £20k.

dkb

Right, it appears I haven't been given the correct information. Very frustrating. Apologies.


This is the situation. He has a property but wants to move. He has an offer but owes 100k on the property (earlier equity release)


The house he wants is 25k more than he can afford after he has paid the 100k off and needs work.


I was asked to find a loan but I now think trying to port the mortgage to the new property might be better. Port the mortgage and offer to pay 70k off, so the mortgage drops to 30k. 4 years left on the term at the moment.


Thoughts?


I guess this is now in the wrong section.

Clive_Woody

dkb wrote: »

Right, it appears I haven't been given the correct information. Very frustrating. Apologies.


This is the situation. He has a property but wants to move. He has an offer but owes 100k on the property (earlier equity release)


The house he wants is 25k more than he can afford after he has paid the 100k off and needs work.


I was asked to find a loan but I now think trying to port the mortgage to the new property might be better. Port the mortgage and offer to pay 70k off, so the mortgage drops to 30k. 4 years left on the term at the moment.


Thoughts?


I guess this is now in the wrong section.

Sorry if this has already been considered but has he factored in the cost of moving - stamp duty, solicitor cost, estate agent costs, removalists, etc as this could cost many £1000s

It may in fact work out cheaper adapting his current property.

dkb

Thanks for your reply.


Yes, factored in