Short term cash

MishMash_3

We have an offer on our property on which we are going to clear well over £100k after the mortgage is repaid, agents and solicitors fees.

Our problem is that we have a short term cash flow problem due to my wife not working at the moment and need to borrow £10k. We've had a bit of a dodgy year in that we have one month arrears on the mortgage and our lender will not give us a mortgage advance or an unsecured loan.

I assumed that I'd be able to get a secured loan, but when I contacted Loans.co.uk, they said that we couldn't get a secured loan with a property on the market, let alone under offer.

It's very frustrating, as we need the £10k quickly for our future plans (abroad). My credit cards are at their limit so no option there.

There must be some institution that will lend us money short term - we have an offer and will be able to pay back quickly. We've had a couple of misdemeanours in terms of arrears this year, but there has to be SOMEBODY that sees us as low risk! Because of our situation, I know this will cost us more than it should, but it's worth the extra expense.

I know very little about bridging finance, but assume this is the only way to proceed. Any advice or tips on who to go to?

Hawksmuir

Why tell them what its for, we took a loan out with Tesco to cover wedding expenses (flat was sold but contracts and money had not been exchanged), the loan was set up and payments started 2 months later. Basically be the time we had the cheque we hadn't made a payment to the loan.

What we did do was notify them of a change of address, once the contracts etc for the house had been exchanged, asked for a repayment cost and paid the loan off

MishMash_3

Was that secured or unsecured? The problem is with the arrears that we don't think we can get an unsecured loan - i don't want to make an application that gets turned down as it might affect our rating.

It's obviously our fault for not managing ourselves properly earlier this year, but it seems excessively punitive if nobody will lend us secured on a definite property sale rather than a notional valuation!

Robert_Sterling_3

If the lender know that
a) You are selling your house
b) You are going abroad
c) You have some financial misdemenours
I can understand their hestitation in lending you £10,000.

MishMash_3

Lender doesn't know we're going abroad. Will start this thread again, as I really wanted to see if there was any knowledge about bridging finance!