Raising cash against a property

[StretchyLegs]

I need to raise £35,000 (consolidation of loans, new car, salary v outgoings deficit ) to get me back on my feet.
I own my house outright and it's worth about £250,000 .
I have been turned down by first direct as my incomings are lower than my outgoings.
I am 50 years old.
Can anyone advise if it is possible to borrow for these reasons in my situation?
many thanks

[Buenchico]

>>>"my incomings are lower than my outgoings"<<<
A simple statement of fact: Nobody will ever lend money to someone if they don't think that they'll be able to pay it back!

However, at the age of 50, you MIGHT be able to find an 'equity release' scheme which would enable you to sell a share of your home,while continuing to live in it. (The usual minimum qualifying age is 55 but there are probably companies who will consider younger people for such a scheme).

Chris

[Postdog]

He knows a lot, so I doubt you'll get a better answer. Just to add I was in a similar situation myself financially - I was medically retired from a job, facing anguish over how I was to continue given that I still had over 80K to pay on the house plus other stuff, and I too investigated ways and means to basically survive. In the end I had to cash in on the equity I did in have my house by trading down - not an ideal solution as the choice was stay in the area and get a run down box, or move away altogether. I did the latter, and now live in a reasonably nice house, in a reasonably nice town, and it's all paid for.My "debts" are now about £4K and manageable, and the key thing is, I am really happy with that weight off my mind. Not being smug, just saying that worked for me.

[StretchyLegs]

Thank you both for your answers, very helpful and encoraging. Thank you

[Nosha123]

Postdog - its nice to hear you can turn a situation around and there is light at the end of the tunnel! Good for you!