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bridging loan for pensioner!
jjuggle
Posts: 30 Forumite
My 75 year old Mum has found her dream bungalow, unfortunately she is 80k short. She has put her house on the market which should go for about 115k, it's mortgage free. She doesn't want to lose the bungalow and doesn't want to wait till her house is sold. Does she have any options at her age? I would borrow it for her but we are in the middle of moving and sorting out our own mortgage at the mo.
Any advice welcome,
Thanks
Any advice welcome,
Thanks
Smile and be happy, things can usually get worse!
0
Comments
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I assume the £80k is well below 70% loan to value so I would ask her bank first off, there are specialists who do bridging loans but they tend to be expensive, I arranged an interest only loan with C&G for my father-in-law when he wanted to do the same thing you describe.
Don't be tempted by people who may shower you with offers after asking on bulletin boards.If you don't know what you are talking about keep quiet0
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