£15000 loan but just for a few months....

yorkshirecath

As the title says i am looking to borrow £15000 but only over a few months.
This is going to be a house deposit for my stepdaughter who is buying her first home. She will be coming into some inheritance in a few months so can then pay it off but until she gets the funds she needs it for her deposit. She can't get it herself as it goes against her mortgage.
Anyone know the best way to go about this?
Thanks

CLAPTON

assuming you have an excellent credit history and an income of over 30k and you are willing to make the repayments if for what ever reason she does not, then start with your bank.
you will need to borrow over a number of years but once you have the money from her you can simply pay off early

yorkshirecath

Yes we do have good credit history and the right income and she is more than capable of paying it herself as she earns a good wage. Been to my bank who were offering a terrible APR even though i'm a valued customer so i guess i need to shop around.

Chris55_2

We recently did something like this (loan for building work paid off by the sale of another property for more than this amount). We were able to extend the term of our mortgage for a few years keeping the payments nearly the same. We then repaid the lump sum. We'll be paying off the rest of the mortgage when it comes off a fixed rate next year.
This was with Leeds Building Society who were very helpful.

CLAPTON

what sort of APR?

but shop carefully as each credit application shows on your credit files; too many searches will worry potential lenders


and whether she can pay it off easily is not the point; it will be your debt and if necessary you must be able and willing to make the repayments.

Macca83_2

Nationwide have a soft search application that can be done without a credit check. I tried them recently and found that they were quite competitive for me. Just be wary when applying. Most lenders Will not lend for a house deposit. Use the home improvement reason.

Vikipollard

If she is due to come into the inheritance in a few months time, why not wait until she actually receives it to buy the property? That way she knows everything is sorted and tidy.

Dave101t

she could just wait a few months......

yorkshirecath

Vikipollard wrote: »

If she is due to come into the inheritance in a few months time, why not wait until she actually receives it to buy the property? That way she knows everything is sorted and tidy.

Because if she waits she will lose that house that she wants, also she will have nowhere to live.

Vikipollard

What happens in the event that you are unable to secure a loan? She must surely have a back up plan just in case?

yorkshirecath

I will be able to secure a loan, we have excellent credit and a good income. If the worst came to the worst she would have to rethink obviously