Private morgage lender?

i own my house outright and i am now on a low income ,i have tried all the big banks and building societies for mortgages but none will lend me 锟?0,000 only on my house as either a equity loan or a mortgage(i have to be on 锟?6000 to qualify,i have had no problem though with private mortgage lenders wanting to loan me the money over 20 years ,their rates are the same as the banks,however can private mortgage lenders be trusted as i worry if they go bust ,any advise please.

Private morgage lender?auto loan

You can reasonably trust most private mortgage lenders as long as you do check the contract completely. look for payment clauses, prepayment penalties and any out of the ordinary terms. good reputable private mortgagors will provide you with a copy of their note for review prior to any transacton. do insist that a neutral licensend 3rd party perform escrow. that same firm can collect payments and enforce the contract. in the event the private mortgagor goes bust, your contract would then be handled by a trustee, but the terms of your contract could not be altered or accelerated provided that your loan was not in default.

check with your local munipality, office of financial affairs, business tax authority and reference if your %26quot;banker%26quot; is registered. if all checks out and the terms being offerred are comparable to bank terms as you say, then i think you should be fine.

Private morgage lender?

loan

just make sure you double read everything your right if they go bust and the det gets sold then the terms can change that is what you have to look out for mainly.

try talking to the bank again nat west are normally very understanding

good luck

regards x kitti x|||make sure you read everything through and take out a private insurance to cover the mortgage thats what me and my hubby did so any problems we are covered . as you said same rates as the high street . glad we did it after what happened to northern rock but like i said we are covered so good luck :-)|||Have you checked to see if you qualify for a Reverse Mortgage?