An 88 yr old raising a loan.

[derekpara]

Is there any way an 88 year old can raise about �140K on a short term (6-9 months)loan to buy a retirement flat while her present home is on the  (very slow) market ? She has �50k savings and a medium pension as income.Her existing home is on  sale for �140K. Thanks.

[Oneeyedvic]

Yes by way of bridging loan - though obviously this can be a bit dangerous and is not a particularly cheap way of borrowing.

Try here: http://www.allianceandgeneral.com/mortgages.htm

[WendyS]

I would be very wary of the bridging loan route, if only because she could be in danger of losing all her savings on paying expensive interest rates.  She would need to do all the sums very carefully in advance.  What would happen if she couldn't sell her home for two years?  If there were a severe recession and a housing slump she could be left with two properties and might be forced to rent one of them out just to fund the bridging loan interest rate which would be a nightmare for her to cope with at her age.    Advise her first to get a schedule showing how much interest she would pay on a bridging loan every month. If she is relying on interest from her �50K savings to fund her future living, her lifestyle could be severely cut back if the markets move against her.