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Quick money needed 80k
dharm11
Posts: 147 Forumite
what would be the most cheapest way to borrow £80k for 7months? i have an income of £17k pa and fully own a house worth 120k.
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Comments
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Well you could try to raise the money against the value of your propertyI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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After roughly calculating some charges I have discovered the following..
Mortgage lender: Charges cost an average of £6000 for a 7 month lending which includes early repayment fees.
Zopa: Charges cost £625 x 5 (total £3125). Calculated with 7.1%APR for 15k loans over a period of 12 months.
Any other suggestions?0 -
You wont be able to borrow 80k unsecured through Zopa.0
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After roughly calculating some charges I have discovered the following..
Mortgage lender: Charges cost an average of £6000 for a 7 month lending which includes early repayment fees.
Zopa: Charges cost £625 x 5 (total £3125). Calculated with 7.1%APR for 15k loans over a period of 12 months.
Any other suggestions?
How do you get to £6000 charges?I am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
You wont be able to borrow 80k unsecured through Zopa.
I was thinking maybe I could get 5-6 family members to sign up for 15k loans?How do you get to £6000 charges?
The interest I would have to pay for 7 months would be around £3k and the early repayment fee 3.5% (£3k).0 -
I was thinking maybe I could get 5-6 family members to sign up for 15k loans?
The interest I would have to pay for 7 months would be around £3k and the early repayment fee 3.5% (£3k).
But you would choose a mortgage deal with no early repayment feeI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Cool that would be brilliant! but would i need to pay any other fees such as setup fees? and is it recommended to have a mortgage adviser to find me the right lender? and how much would they charge?0
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Fees will depend on the deal chosen
And the deal chosen will depend on your whole scenario
I would suggest having a chat with a fee free whole of market adviser, so that way you will not have to pay them any feesI am a Mortgage AdviserYou should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0
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