Loan from a friend

vipa2000

I spoke to the nationwide about a £15k loan attached to a mortgage. Looking at a £1k arrangment fee. Crazy! Mentioned to a firend about this who has offered to lend it to me. I thought ZOPA.co.uk was the way forward, but too inflexible. I want to ensure thay are insured against me for whatever reason. Is there a company that can help at a reasonable cost?:j

Alias_Omega

Long term loans from friends & family causes nightmares.

What happens next year if the friend loses there job etc, or want the savings back. Then your into trouble.

How about you get the mortgage, then once moved in and a few months passed, then take the loan out against the house if your dead set on in.

Secured debt is bad though.... You could lose the house...

jonesMUFCforever

Are you sure that there are no deals if you re mortgage your total debt at a lower fee?

Have you only looked at Nationwide?


I would agree never borrow from friends.

vipa2000

thanks for the replies. Unfortuntaely tied into my mortgage for another year. I was using the flexible features of my mortgage to get a reasonable APR. They just kill it off with the arranagement fee. My situation is that I have a 4 month old baby with no bedroom. I need to convert one side of a bungalow to 2 storey by putting in a structural floor. Most of the work I will do myself as a civil engineer and avid DIY'ER. I can't really wait 12 months. My wife is on paternity at the moment until December so I have a temporary blip. I don't believe I have negative equity in the house.