Can anyone help/advise

RACHELLENA

My problem is I want to get hold of £10,000 quite soon (for IVF treatment) For some of you it might not sound urgent or important but my age is running away with me.
The thing is I own a house, no motgage - after my divorce my parents bought it for me. Downside is they had a clause put on contract that I couldnt sell it for 10 yrs (only 4 to go lol) They thought I was gonna go of the rails lol.
Anyway I was wondering if I can get a loan against the house on the understanding that when I sell in 4 years, which I am. I pay it back in full rather than have monthly payments I cant afford.
hope all that makes sense.

di3004

RACHELLENA wrote: »

My problem is I want to get hold of £10,000 quite soon (for IVF treatment) For some of you it might not sound urgent or important but my age is running away with me.
The thing is I own a house, no motgage - after my divorce my parents bought it for me. Downside is they had a clause put on contract that I couldnt sell it for 10 yrs (only 4 to go lol) They thought I was gonna go of the rails lol.
Anyway I was wondering if I can get a loan against the house on the understanding that when I sell in 4 years, which I am. I pay it back in full rather than have monthly payments I cant afford.
hope all that makes sense.

Hi there hun.

I have never given advice in this actual situation before, but I assume you have already had a word with your bank ?
Now only my opinion but is it worth putting this on secured credit ?

For a loan of £10K you may still be able to get a reasonable low rate offer, have you checked out this site for this option hunni ?

Even with a an unsecured loan you could still pay this back earlier, just check out the options that give you a non early repayment penalty one if you can, £10K can still be stretched into smaller repayable months but only a word of advice if they offer you their payment protection insurance (PPI), I would make sure they do not pressure you into taking their own and go for a cheaper stand alone cover, you can also check them out on this site, and not only that generally if you have ppi with that loan from the loan company it will work out far more expensive as they add it in with the loan normally, so hun do not be pressurised into taking their own and make them aware you know the rules on this.;)

Check this out here
http://www.moneysavingexpert.com/loans/cheap-personal-loans
And
http://www.moneysavingexpert.com/insurance/cheap-loan-insurance

I am not certain but I do not think you can actually have a secured loan of £10K, it must be a higher amount but do not borrow more than you need hunni, my personal opinion this but check out the best options.;)

Meanwhile, I would like to wish you all the very best in your IVF treatment, everything crossed for you and hope everything happens soon enough for you.

Take care and good luck!
Di.
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