Personal loan options for retired couple

S

Staples

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My retired in-laws are seeking to raise about €30k to finish the construction of a house. They would be in a position to repay using rental income from what is now their principal residence but which will be a second property when they move into the new one.

They're proud people and woudn't like to approach a bank for a personal/term loan if they weren't reasonably confident of a positive repsonse.

Would a bank consider lending to a retired couple for these purposes? My wife and I would be prepared to act as Guarantor if required.

Thanks for any help.
 
I would say if they have a guarantor this shouldn't be a problem once you and your partner are working but dont' quote me.
 
Staples,

There is an institution that will lend to retired people with low incomes based on the value of the property. There are no payments and the loan is repaid on disposal of the property or before if money become available.

They will release up to a percentage of the property and accrue interest until it is paid off. The interest rate is high.
 
Hey well not exactly the same thing but I got a CU loan when I was 17 and still in school. I only worked weekends so had very little money and they gave me a loan of 6k because I had a guarantor. Hope this helps
 
Colndas said:
Staples,

There is an institution that will lend to retired people with low incomes based on the value of the property. There are no payments and the loan is repaid on disposal of the property or before if money become available.

They will release up to a percentage of the property and accrue interest until it is paid off. The interest rate is high.
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Hi Colndas

What's the name of the institution?

S
 
It is called seniors money and they were open for business a couple of months ago, BOI used to have a similar product called lifetime but I dont know if they are still offering it.
 
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