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Mortgage advice - Downsize

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  • 27-11-2012 6:46pm
    #1
    T-K-O
    Registered Users Posts: 6,309 ✭✭✭


    If this is the wrong section, mods please move.

    My parents are beginning to struggle with their mortgage payments and have decided to downsize. If they sell their current property they would make a small profit.

    Their bank is currently not lending and my question is what options would a couple in their 60s have in this situation.

    Would BOI or AIB take on such loan. It's makes a lot of sense for their current lender to play ball as this would greatly reduce their liability. I'm not sure if they same deal would be attractive to BOI or AIB?

    Any advice is greatly appreciated.


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    #2
    AltAccount
    Registered Users Posts: 2,058 ✭✭✭AltAccount


    The current lender may be happy to let your parents sell the house and pay off the mortgage, but I doubt there's a lender anywhere that will give a home loan to someone in their 60s.

    I'd say, realistically, their only option after selling their home will be to rent.


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    #3
    T-K-O
    Registered Users Posts: 6,309 ✭✭✭T-K-O


    I thought as much. Thank you for the reply


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