Worth 800 - can't borrow 50

It seems unlikely that these four cases, in a short space of time, relate to just one property, so may we take it that you let at least two properties? Are any of them still mortgaged or are they all paid off?

Did you seek the mortgage on your home or on one of the let properties? If the former, then although your pension might have covered the payments, the lender would have used the traditional income-multiple formula, and I suspect that in your circumstances this may have been a bit tight. If the latter, the lender would look only at the (expected) letting income and would want it to cover perhaps 130% of the payments, and would disregard your other income, except to be satisfied that it is adequate for you to live on.

If the rental income is borderline on one of your rental properties, in terms of being able to service a 50k loan, you could consider borrowing 25k on each of two.

What sort of debts? Having debts doesn't usually adversely affect one's rating, quite the opposite, in fact, provided you are servicing them properly. It's arrears etc which cause problems.

Irretrievable breakdown? Threatening divorce is no good here, unfortunately, as you'd need the wit to woo another. Try flowers and chocolates, because:

While it may be a good idea to sell of one of the rental properties, or even your home, it won't happen overnight. Even getting a mortgage loan is going to take time, and you would need to try to stall the foreclosure until you get the loan or sale proceeds. In fact, even if you go for a sale, it might take so long that you may need to go for a mortgage temporarily first.

Age concern? There may be a suspicion among your potential lenders, tarring (as they might) all pensioners with the same brush, that you may have lost your marbles and that's how you've allowed your finances get into their present messy state.

Perhaps the time is ripe to be getting out of the letting game. Look at your yield and compare it with how much interest you would earn on the proceeds. Probably nothing much in it, and there's a lot to be said for being rid of the aggro and hassle of repairs and income gaps.

To take on more borrowing is just going to drive your net worth in the wrong direction.

Yes, they related to four different (small) flats. Not London prices though.

None have ever been mortgaged, which might mean that there's no ordinary mortgaging history banks might look at (I suppose).

Very tight according to such a formula, I would guess, given the considerable costs associated with flat letting. But not actually difficult for me to service; I no longer drive a car, go on skiing trips, take holidays, eat in restaurants, etc. I've been forced for years to do a lot of my own work, and am reasonably capable at it still, though slower than of yore.

They didn't suggest that I do that, and I doubt if I would qualify when one small flat brings in only about 450 per month. (Of course if they considered all the flats that would be another story).

Twice the arrangement costs, but perhaps you have given me the answer.

Credit card debt at a promotional rate for the life of the debt (0.018% per day), an unsecured 12k loan at about 8% or 10% (I need to look it up), and another smaller credit card debt which was at a promotional rate but whose rate has now reverted to the standard.

The only arrears are those which occurred as a result of not getting the mortgage (which of course I knew I needed), and which caused the bank to send a default notice. I thought that I'd been given some time to recover, but seemingly they had other ideas.

And, unfortunately, while I'm good with things like computers, I'm not so hot at dealing with people.

Well, I don't swear at people; I know the bank has problems with its customers just as I have problems with tenants; but I do need to buy some time, somehow or other.

If anyone will listen. What are the conditions for those 'bridging loans' I've heard mentioned?

There are good tenants, but if they're sensible they buy their own flats when they can, and leave. And there are bad and very bad tenants (the worst were found for me by a letting agency) but you need a lot of marbles to tell 'em apart. More than most of us have, I'd guess.

You're correct though; I'm beginning to think that a wig might help to alter people's preconceptions, and sidestep ridiculous conversations when I'm on the way to a DIY store but old biddies want to know if I'm on the right bus!

Don't underestimate the importance of keeping oneself as physically and mentally active as possible. For my money, the time to quit is when one is no longer able to continue. At which point it would be time to call the whole 'living' thing a day.

Didn't want to take on more, just continue with what I have. Or to be more precise, to keep the increase in debt down to the real rate of inflation.

20 years ago my debts were about 7% of assets, and they still are today.

Thanks for the Age Concern pointer; I'm looking into it.