My parents are purchasing a retirement home which is being built and will only be registered next Aug. My parents need a guarantee in the meantime for the balance of the purchase price. They have been trying to get assistance from FNB to raise a guarantee using their property as security - their bond is fully paid. Their property value is in excess of the guarantee amount required. They keep sending my parents to homeloans but they do not require a loan, simply a guarantee. It makes no sense for my parents, at 69, to apply for a further bond for 11 months at massive cost to them. Their liquid assets are retirement funds and life policies, which are not suitable for cession. My father has banked with FNB since 1969 when it was first Barclays, my parents have done all their banking with FNB and no-one at the bank seems to know A) what a guarantee is and B) who can assist my parents.
0 comments