fULLY SECURED LOAN

AXUS44

Any suggestions please.

I am looking for a £80,000 loan. Ideally at 6.5% interest paid monthly.

It is to be secured on a First Charge against a bungalow valued at £300,000, all done through a solicitor. Ideally for a 5 year term though that is not set in stone.

Keith

IAmWales

What income do you have, do you have a good credit history? Do you live in the property?

What you're looking for is a mortgage with no early repayment penalty, but your options will depend on the above questions.

Shakin_Steve

And.........what......exactly?

PeacefulWaters

Have you tried a mortgage broker?

AXUS44

Thanks for your replies.
Income, £15,000 a year.
Better than average rating history, only minus point, no credit card.
Yes, built it myself 28 years ago.
My age stops me getting any type of mortgage ( 76 ). Tried but always reverts to equity release which is refused because I intend to make monthly repayments. Roll-ups a definate no-no.
Reasonable early repayment penalty not a problem.

jonesMUFCforever

No chance IMO - Either sell the property or at least rent it out.

john2054

you should get a basic credit building card, such as vanquis or capital one, as your first port of call. to begin to build up a credit history. this would be my advice any how. btw you can do a pre application check, with both of these companies, to see if you will be elligible for the cards, before making the full application.

IAmWales

john2054 wrote: »

you should get a basic credit building card, such as vanquis or capital one, as your first port of call. to begin to build up a credit history. this would be my advice any how. btw you can do a pre application check, with both of these companies, to see if you will be elligible for the cards, before making the full application.

The OP is 76 years old. His prospects of getting a mortgage are not going to increase by getting a credit card!

Sorry OP, I don't see you getting conventional lending for that amount. What do you need the funds for, do you have children that could lend you the money in return for a charge on the property?

Shakin_Steve

AXUS44 wrote: »

Any suggestions please.

I am looking for a £80,000 loan. Ideally at 6.5% interest paid monthly.

It is to be secured on a First Charge against a bungalow valued at £300,000, all done through a solicitor. Ideally for a 5 year term though that is not set in stone.

Keith

Your income is £15000pa. An £80000 over 60 months @ 6.5% would cost you £1588.33 monthly, or £19059.96pa.