personal loan from bank to buy property

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browser99

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I have about 80% of the cash I need to buy an apartment. If I get a personal loan from my bank I could make up the balance needed, and I can repay no problem over 5 year term. I am mid 60's.
My question is: when asking the bank for a personal loan should I say its purpose is to buy property ? On their website they specify personal loans for cars,holidays etc but nothing about for property.
 
If you have the repayment capacity, they should lend you the money by way of conventional mortgage, once it's repaid by the time you turn 70.
 
Depends on the amount I suppose, most banks have minimum mortgage amounts, used to be around 50k and that over 5 yrs stress tested payments will be high enough so if you have the income to meet that no reason why not. If you have sufficient income for say their minimum of 50k and you only want 30k, borrow the 50 and pay back 20 day after drawdown.
 
I telephoned them about a mortgage 6 months ago. Negative. Got the impression they had no interest in giving mortgages to retired people in their 60s.
But maybe banks might think they want to lend from now on.
 
I would agree they probably haven't any interest in that sort of mortgage. Credit Union?
 
Hi
I got a personal loan 2 years ago from PTSB to buy an apartment its over 5 years....I had 80% of price myself but long story couldn't get mortgage due to an issue with the property I was confident could be resolved after purchase.

Try them maybe best of luck hope it works out for you
Tks
 
A lot of Banks are not lending beyond the age of 65 and are not giving out loans where the loan period will extend beyond 65. There may be exceptions but that seems to be the general rule
 
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