A personal loan for a pensioner

A

A.Simmons

Guest
Hello there,

I am in a situation where I have inherited my sisters house which I will be soon selling but have had to empty my savings to cover her funeral expenses etc. I recently approached the bank for a short term personal loan of 10 thousand euros as I have to get some remedial repairs done in order to put the house into a saleable condition. The house should easily fetch 400 thousand when sold. I must also point out that I own my own house which has no borrowings or mortgage on it.This house is worth 300 thousand. The trouble seems to be that because I am a pensioner at 72 years of age I have no earning power as such. Even though my branch have been very understanding to me it has now been almost 3 weeks since I applied and they have now referred it to their head office in Sandyford.I wonder why they have done this? I will be investing heavily when the house is sold so I thought it would be a straightforward desicion but so far this is not the case,should I try another bank or will it be just the same I wonder? Any help would be appreciated as the bank seem to be very evasive towards me and all I want is a straight answer.
 
Re: A persoal loan for a pensioner

If you have no income then presumably you cannot service a loan so need cash up front with a promise to pay it off when you sell the property? I'm not sure if many (any?) lenders will go for that to be honest. Is there no family (children?) who can assist with finance? Don't forget to budget for taxes and other expenses that may arise on selling the property.
 
Re: A persoal loan for a pensioner

If I offered the deeds of one of the houses would that help,i dont really want to do this and they havent actually asked me for them yet but if this is what it takes i will do it, as for family I am pretty much on my own there.
 
Re: A persoal loan for a pensioner

Go to a solicitor (no, seriously) tell them what the story is, instruct them to act on your behalf in the sale of the property and instruct them to give an undertaking to the bank to discharge the loan and interest from the proceeds of sale.

The solicitor may be able to get a loan through their own bank (in your name). Give the solicitors your deeds (go to a mid sized firm in the current circumstances), instruct estate agents though if you want the work done first don't put the house on the market.

Has the inheritance gone through probate?

It should be possible to do something about it.
 
Re: A persoal loan for a pensioner

Thank you I will have to contact my solicitor I should think,that seems the best advice.
 
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