need additional money to complete-any advice?

sonotanexpert_2

Hello all, we are currently in the situation where we have been offered the house we are currently renting for substantially lower than its current market value (80k). We have the mortgage arranged and we are due to complete any day soon BUT we were banking on the repayment of a substantial family loan to give us the money for stamp etc and we've just been told that they can't repay it-its 15,000.
This purchase has dragged on and on whilst we've waited for this money and we're now worried sick that we'll end up with nowhere to live-does anyone know where we can get a loan of this amount to complete?
Our mortgage ws through a broker as both my husband and I are self-employed with a blemished credit record due to redundancies whilst I was on maternity leave-we're very far from perfect.
I'd be grateful for any advice as we're running out of time.

Rafter

Tough one. That amount of money with impaired credit is going to be a real challenge.

My only suggestion is that you use your parents or other family members credit record to try and raise the funds then secure it against the property once you have completed.

The only other thing is to get your current bank to offer some sort of bridging arrangement based on your more recent credit history, but not sure how successful that approach might be.

Good luck.

R.

HGLTsuperstar

sonotanexpert wrote:

Hello all, we are currently in the situation where we have been offered the house we are currently renting for substantially lower than its current market value (80k). We have the mortgage arranged and we are due to complete any day soon BUT we were banking on the repayment of a substantial family loan to give us the money for stamp etc QUOTE]

Doesn't solve your problem, but stamp duty is one less thing to wrroy about if the house is going for 80K