Advice on a loan until property is sold

Stvd

Hi

I wonder if you have any advice for my wife and I. We need a loan until the property she inherited with her sister is sold and I've got a new job.

The sale recently fell through as our buyers buyer can't get a mortgage, but the buyer remains committed. The property is back on the market but may take another 3 or 4 months to sell. I was made redundant from my job as an IT Manager last year, the redundancy money has gone and the contract I'm on ends next week.

I joined Payplan in 2008 with another 18 months to go so my credit history is not great. My wife isn't working at the moment, she stopped to nurse her mother but is looking for work now.

We need to borrow about £8000 with a sufficiently low repayments that it can be serviced out of the loan and my income and with ideally no/low early repayment penalty. I asked Santander with whom we have our mortgage - "Computer says no" they didn't want to listen at all.

We'd be really grateful for any thoughts or advice you have on who to ask for a loan and how to frame the proposition.

With thanks in advance

Stvd

Apples2

Are you on a DMP?

Neither of you employed so no income and on a DMP sadly means you will not get any loans.
Be cautious of anyone guaranteeing you a loan in your position, it will be a scam.

Lower the asking price of the house for a quick sale, you have more to consider than more profit.

tlh858

The reality is you won't be getting a loan from anyone - no one will lend if you are unemployed, as there won't be any way to make the repayments.

Stvd wrote: »

We need to borrow about £8000 with a sufficiently low repayments that it can be serviced out of the loan and my income and with ideally no/low early repayment penalty.

Pure fantasy. You can't take out a loan and then make the monthly payments from the money you borrowed.

If the house will really take 3 or 4 months to sell, it is overpriced.
Cut the price and sell it quickly. Yes you will get slightly less money, but it's still far better than trying to obtain an expensive loan which you can't afford.

DCFC79

Stvd wrote: »

Hi

I wonder if you have any advice for my wife and I. We need a loan until the property she inherited with her sister is sold and I've got a new job.

The sale recently fell through as our buyers buyer can't get a mortgage, but the buyer remains committed. The property is back on the market but may take another 3 or 4 months to sell.
I was made redundant from my job as an IT Manager last year, the redundancy money has gone and the contract I'm on ends next week.

I joined Payplan in 2008 with another 18 months to go so my credit history is not great. My wife isn't working at the moment, she stopped to nurse her mother but is looking for work now.

We need to borrow about £8000 with a sufficiently low repayments that it can be serviced out of the loan and my income and with ideally no/low early repayment penalty. I asked Santander with whom we have our mortgage - "Computer says no" they didn't want to listen at all.

We'd be really grateful for any thoughts or advice you have on who to ask for a loan and how to frame the proposition.

With thanks in advance

Stvd

You say it may take 3 or 4 months to sell but it could take longer, lower the price and just get rid of it.

Conrad

Stvd wrote: »

Hi

I wonder if you have any advice for my wife and I. We need a loan until the property she inherited with her sister is sold and I've got a new job.

The sale recently fell through as our buyers buyer can't get a mortgage, but the buyer remains committed. The property is back on the market but may take another 3 or 4 months to sell. I was made redundant from my job as an IT Manager last year, the redundancy money has gone and the contract I'm on ends next week.

I joined Payplan in 2008 with another 18 months to go so my credit history is not great. My wife isn't working at the moment, she stopped to nurse her mother but is looking for work now.

We need to borrow about £8000 with a sufficiently low repayments that it can be serviced out of the loan and my income and with ideally no/low early repayment penalty. I asked Santander with whom we have our mortgage - "Computer says no" they didn't want to listen at all.

We'd be really grateful for any thoughts or advice you have on who to ask for a loan and how to frame the proposition.

With thanks in advance

Stvd

The best (in fact the only) deal that will be available as this is very niche, is as follows;

1) First charge non regulated secured advance, secured on the property itself

2) Max term is 12 months

3) No fees of any kind, no legals, no surveys

4) Instant approval - status is totaly irrelevant. Can be sorted within a week as long as your own Solicitor confirms your ID and witnessed your signing the terms. You must pay any up - front legal costs on your own side, but a small local lawyer shouldn't charge much for this.

5) No monthly payments

6) But the sting in the tail; Based on an £8000 loan, when the property is sold, £16500 is due back.


PS - if the property takes longer than 12 m to sell and complete, a daily cost will also be added to the loan so it's in your interest to sell within the 12 months.

Conrad

Apples2 wrote: »

Be cautious of anyone guaranteeing you a loan in your position, it will be a scam.

Yes this is usualy the case. You need to be damned sure who you're dealing with!:p