Can my parents borrow?
Updated: 19:00 EST, 2 August 2004
My parents, both of whom are aged in their late 70s, wish to take out a loan of £10,000 for the purchase of a used car. They own their house outright, currently valued at £165,000. They do not want to take an equity release loan, but would rather have either a secured or unsecured loan. Can you advise me whether this would be possible? DS, Bolton
Ian Jordan at Hargreaves Lansdown says: Given the age of your parents and the relatively small amount they are looking to borrow, using their property as security will be very difficult to arrange. Do they have any other assets to use as security, such as shares? If not they will have to take an unsecured loan.
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