Posted on 4 November 2012 by Keith
My mother in law (72) has a house, mortgage free worth £500,000 +, she lives in it with my sister in law. Income for the household is made up of Old age pension, disability benefit, small private pension, and income support. In total about £2500pm. Outgioings are about £1400-1500 per month. Have looked at equity relaese. which are about twice as expensive as normal mortgage. Which lenders would look at mortgage for her say on LTV at 20% , interest only. Mortgage lilkely to be repaid in full from house sale in 10-15yrs.
This is a case which definitely has some potential, though it almost certainly wouldn't be with a high street lender. As John Charcol is an Independent, Whole of Market broker, we also deal with those lenders who still make manual underwriting decisions and therefore look at each case on its merits.
If you would like to discuss your enquiry in more detail, then please let me know and I'll put you through to one of our consultants.
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