Money tied up in deceased grandma - money needed now

DoA_2

Hi guys,

Here's the situation. My grandma has recently passed away so therefore my mum has money locked up with that but isn't able to get it straight away.

Due to an accident my mum is currently unemployed but has the cash to cover the mortgage.

She needs about 15,000 just for a few months until my grandma's money is released ...

Here's where I come in. I have offered to get a loan & she'll replay it as soon as the money comes through.

The question is - would it be better for her to try and take a loan out on the house (aparrently every time she gets the mortgage letter it gives her an overdraft amount that she's able to borrow). Would they even give her this is she isn't currently employed?

Also, is getting the loan and repaying it early (found a company thanks to an article on here that doesn't charge for early repayments - but if you know any good companies please advise also) going to impact on my credit rating at all??

I should mention that as from the 6th April I am self employed and my net income is 1500 a month. Oh, and I'm 23


Thanks in advance for your advice!

thriftymomma

I would say it is unlikley that you will be able to borrow such a high figure having recently just changed to being self employed and also because of your age.

jonesMUFCforever

Why does she need £15k which is a large amount?

Much better to delay paying creditors and wait for money to come through IMO.

mrbrightside842

jonesMUFCforever wrote: »

Why does she need £15k which is a large amount?

Much better to delay paying creditors and wait for money to come through IMO.

I agree. 15k is a lot, considering she has enough money to pay her mortgage. Can she not hold on until her money comes through?

DoA_2

she needs it to live & pay some fees & unfortunately that payment can't be delayed.

Any idea roughly how long it'll take to get the money through (I know, that's sort of how-long-is-a-piece-of-string question)

jonesMUFCforever

DoA wrote: »

she needs it to live & pay some fees & unfortunately that payment can't be delayed.

Any idea roughly how long it'll take to get the money through (I know, that's sort of how-long-is-a-piece-of-string question)

Could take 2 months could take 2 years or longer - its impossible to say!

~Brock~

Years ago this sort of thing would have been the speciality of your local bank manager, who may have loaned the money on overdraft with the security of a solicitors undertaking to clear the borrowing from the estate.

Might be worth having a chat with the bank?

Debt_Free_Dreamer

Simple probabate when my dad died took 6 months, house sale added on a further 3 months till the money came through

More complicated will and a house to sell when my OH's dad passed away took around 12 months.

I think property sale will be your biggest problem at the moment.

TBeckett100

what would have happened if Grandma was still alive?

ILW

TBeckett100 wrote: »

what would have happened if Grandma was still alive?

Does all sound a little distasteful to me.