We are having problems finding an interest-only mortgage for a short period to pay off an equity release scheme on a deceased relative's property. The mortgage would be against our own home (owned) and we have savings enough to cover it (held in ISAs, so don't want to use them); it would be repaid on the sale of the property (quick sale expected). The reason for borrowing is that the equity release company (AVIVA) are causing problems over the sale and charging a fortune in interest. We only need £75,000 (have already repaid AVIVA £95,000) but are told we are too old, as we will be over 70 in five years' time (minimum term of mortgage, although we will pay it early).
I've spent much of my life being discriminated against for being female; now it is my age that is against me.
Is this legal?
Advice? Do not ever, ever take on an equity release scheme and certainly avoid AVIVA. They also messed up my husband's pension - and that is a life-long reduction of our living-standards.
I've spent much of my life being discriminated against for being female; now it is my age that is against me.
Is this legal?
Advice? Do not ever, ever take on an equity release scheme and certainly avoid AVIVA. They also messed up my husband's pension - and that is a life-long reduction of our living-standards.