Disabled pensioner and needing a loan

Ridersbolt
Ridersbolt Posts: 12
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edited 2 February at 10:11AM in Loans
I am a single 70 year old female, have full disability benefits (including max PIP) guaranteed pension credit, retirement pension plus a medium sized private pension. I need a downstairs extension for a bedroom and bathroom due to mobility issues. The council are considering a Grant plus some savings but it won't be enough to cover the whole cost. Are there lenders who will consider me for a loan of say £10,000 in my situation?

Comments

  • grumbler
    grumbler Posts: 58,629
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    It's better to ask on  Loans   board.
    Or, possibly, on  Mortgages & endowments one if you are prepared to consider a secured loan.


  • knightstyle
    knightstyle Posts: 6,970
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    If you own the property go to a mortgage broker and get a mortgage.  I am nearly 80 and still have a mortgage with 12 years to go.
  • FreeBear
    FreeBear Posts: 14,251
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    If you own the property go to a mortgage broker and get a mortgage.  I am nearly 80 and still have a mortgage with 12 years to go.

    Minimum amount for a mortgage is usually around £25,000.
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  • gwynlas
    gwynlas Posts: 1,620
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    If you have no dependents then you could consider equity release. Repayments on a £10.00o loan are likely to come with a high interest rate whereas equity release would be paid from your residual estate. Otherwise a mortgage secured on your property might be cheaper and allow you to have more work done, A mortgage broker should easily be able to get you one until age 80 at least.. You might want to consider having a OT assessment regarding future needs such as lower worktops in kitchen or raising plug sockets so more accessible.. Please post an update when work completed as we are all getting older and should plan early for our changing needs
  • Bigphil1474
    Bigphil1474 Posts: 2,270
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    Have you considered moving to a bungalow? There are a lot of empty properties near me as landlords seem to be getting out of the rental market. May be same near you. Might save you money and even have a small pot left if you downsize. 
  • silvercar
    silvercar Posts: 46,748
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    I'll ask the forum team to move this to the loan board, as I think £10k would be too small for a mortgage.
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