Loan or Credit Card

Simon_Pugsley

Me and my partner need to give my brother £25000 as we are buying him out of the house we jointly owned.

We have got £15000 on 0% credit cards, and we are giving him that, and he says he is happy with that for 12 months, however Abbey have offered me a loan for £10000 over 7 years at a whopping 15.2%..

Now the only reason we are considering accepting the loan is becasue we are concerned that if the money markets get worse, we may not be able to borrow the extra £10000 next year with money getting tighter.

And of course if we can not borrow the extra £10000 we would have to sell the house, and clearly we do not want that..

Any advice

Simon_Pugsley

Sorry just to make things a little clearer, my brother put down £25000 of his own money as a deposit, that is what im repaying.