short term loan requiered with no redemption fees if poss

pennypicker_2

my and the OH are in a position of buying a new build property and the building company requires a 5% deposit upon exchange of contracts which will be refunded when we complete when the house is finished in Aug. we already have a mortgage in place but the 5% is not part of that. we require a £9500 loan that we will be looking to keep repay for about 4 months then once we move into our new home and get it refunded we could give back.

does anyone know of any loan deals that have low redemption penalties or none all all for such a short ammount of time.Or if anyone has any advise that would be much appreciated.

cheers:beer:

Rafter

Penny,

Suggest you try northern rock.

Don't tell them you only want it for 4 months - take it out over 5 years to keep your payments smaller for now and then just pay the whole lot off penalty free in 4 months time.

To get the best rate you may have to initially accept their initial rip-off payment protection insurance. Then simply cancel the insurance within the 14 day cooling off period and they cannot increase your interest rate or refuse by law. The insurance is for your protection - not theirs.

Good luck

R.