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Need to borrow 30K fast

Donnie_Darko
Donnie_Darko Posts: 8 Forumite
in Loans
Hi All

I am buying a property for cash but also need to borrow 30K on top for various other things.

Does anyone have an idea what's the cheapest way of doing this at the moment ?

Example, the property is 100K, for round figures, and I have 100K so do I try and get a 130K mortgage or buy the house outright and get 30K loan somewhere else ? Or buy the house and immediately remortgage ? I can pay 1K a month repayments.

Time is short so any replies greatly appreciated !

Many thanks :)

Comments

  • stephane_2
    stephane_2 Posts: 3,076 Forumite
    I am not an expert in the field but personally I would take out mortgage £130K then invest the £100K cash in savings,bonds...etc and use the interest earned to pay off mortgage early.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    not enough details

    but if the house is only worth 100k there is zero chance anyone will lend you 130k
    without knowing your income etc its unlikely anyone one will lend you 30k unsecured

    best to look for a 30k mortgage although you will need to pay fees etc.
  • Comyface
    Comyface Posts: 669 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    What CLAPTON said.

    £30k mortgage is the way I'd go as well.
    Are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation? :cool:
  • iolanthe07
    iolanthe07 Posts: 5,493 Forumite
    Unsecured personal loans are normally limited to £25K.
    I used to think that good grammar is important, but now I know that good wine is importanter.
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