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RE-Mortage Question
xlnc99
Posts: 1,673 Forumite
Looking for some advice for some relatives.
They are old, both 70+. They own one property worth £500,000 no mortage, currently being rented. Another property which is around £800,000, mortage of £270,000 left.
They want to take out a loan of £50,000 against one of the properties. One of their files is not great, a CCJ and a default. The others is perfect but little history on there. They need for some legal costs in which they are in a battle. They cant borrow it of family or friends.
Is this possibble? How easy would it be to get a loan bearing in mind they around 1 million pounds worth of equity. They are both pensioners too
They are old, both 70+. They own one property worth £500,000 no mortage, currently being rented. Another property which is around £800,000, mortage of £270,000 left.
They want to take out a loan of £50,000 against one of the properties. One of their files is not great, a CCJ and a default. The others is perfect but little history on there. They need for some legal costs in which they are in a battle. They cant borrow it of family or friends.
Is this possibble? How easy would it be to get a loan bearing in mind they around 1 million pounds worth of equity. They are both pensioners too
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anyone?
Thanks0
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