Need to borrow a loan of £100k any recommendations?

mc29mc

Hi,

My dad currently has a property that Im going to refurbish and the property is under his name however i need to borrow around £100,000 what is the best way you guys would recommend doing this? I would pay the debit off within 8-10 years.

Any my credit is very good, what would you recommend people ?

Thanks.

fwor

What assets do ~you~ have to secure a £100k loan against? A lender would want to know that for a start.

mc29mc

I live with parents but earn 40k a year. I was looking into buying my own property but didnt in the end and using the deposit towards the big house improvement i am considering doing.

masterlumps

its never going to happen

dealer_wins

mc29mc wrote: »

Hi,

My dad currently has a property that Im going to refurbish and the property is under his name however i need to borrow around £100,000 what is the best way you guys would recommend doing this? I would pay the debit off within 8-10 years.

Any my credit is very good, what would you recommend people ?

Thanks.

He would need to put the property into your name for you to take out finance against it, or maybe you could be a guarantor on a home loan your dad could apply for.

LovelyLeeds

mc29mc wrote: »

Hi,

My dad currently has a property that Im going to refurbish and the property is under his name however i need to borrow around £100,000

If refurbishing is going to cost circa £100K, why not ask your dad to have the property in joint names, and you secure a mortgage on it? The term would no doubt have to be longer than the term you state though.

mc29mc

I understand now, I will have a discussion tomorrow about putting the property in my name etc and take that route.

Thanks

DCFC79

For anyone who wants a read of the OP's other thread on the credit card section try here,

His salary has gone down by at least 5k in space of just under 12 hours.

Tremour-88

30-35k to 40k? impressive payrise :P

But seriously I doubt you'll get 100k's worth of finance on a income of 30-40k unless its a Mortgage

FireWyrm

You don't need a loan, you need a mortgage since full ownership of a house is the only thing big enough to secure that kind of loan against. Since you don't have clear title to a house, you can't mortgage against it...end of. You will never get an unsecured loan for that amount unless you earned far more than you do. You might just persuade someone if you were on 100K take-home, but for the likes of ordinary people, it's a total non starter.

However, change of title carries it's own issues. There are solicitors costs, tax implications and you most definitely need competent professional advice here. I did it on my parents house but was warned that either one of my parents could force a refund within 7 years of the gift, so, get a professional today.

DCFC79

Tremour-88 wrote: »

30-35k to 40k? impressive payrise :P

But seriously I doubt you'll get 100k's worth of finance on a income of 30-40k unless its a Mortgage

His salary has gone down from 40k @ 10 12pm yesterday to 30 - 35k @ 9 48am this morning apologies if i confused you.