K
kellygig
Guest
Advice please,
Parents:-
Mum 60 - Full time work - 26,000
Dad 64 - Unemployed
Home value - 250,000
Mortgage - 4,500 ends 12/10
Home Improvement loan - 20,000 ends 2013
Mortgage Payment - 480pm
Loan payment - 560pm
They want to finish the house once and for all and due to my Dads forced early retirement (worked on building sites all his life) their cash flow has been reduced. They want to borrow a further 10,000 and consolidate the above into one mortgage over 5 years this would leave payments lower than what they are at the moment. They have approached p/tsb (current mortgage provider) they said no due to lack of earnings and age. Also approaced AIB (current account bank) they said no for to many reasons to list, all so ridiculous the assistant was embarressed.
Question 1. Is the mortgage an option and who should they approach?
Question 2. What is the situation with Equity Release Companies?
I am their only child so no family squabbles over inheritence.
Appreciate any and all advice.
Parents:-
Mum 60 - Full time work - 26,000
Dad 64 - Unemployed
Home value - 250,000
Mortgage - 4,500 ends 12/10
Home Improvement loan - 20,000 ends 2013
Mortgage Payment - 480pm
Loan payment - 560pm
They want to finish the house once and for all and due to my Dads forced early retirement (worked on building sites all his life) their cash flow has been reduced. They want to borrow a further 10,000 and consolidate the above into one mortgage over 5 years this would leave payments lower than what they are at the moment. They have approached p/tsb (current mortgage provider) they said no due to lack of earnings and age. Also approaced AIB (current account bank) they said no for to many reasons to list, all so ridiculous the assistant was embarressed.
Question 1. Is the mortgage an option and who should they approach?
Question 2. What is the situation with Equity Release Companies?
I am their only child so no family squabbles over inheritence.
Appreciate any and all advice.