£30,000 short term loan

Wellieboot

Hi,

I need to carry out some urgent repairs on my house (approx. £30,000) and am looking for the best way to borrow this sum for approximately 3 months.

I have substantial savings (£90,000 +) in a 3-month notice account and plan to pay back the loan from this account. I have requested a transfer but cannot access the cash until mid-November.

I have no regular income so a bank loan seems unlikely. However I do own my house outright so am thinking this could be used as security if needed.

I have heard of bridging loan companies but am not sure if they would lend to someone in my position or if there is a more cost-effective option available. I have a good credit history.

Any advice gratefully received.

DevCoder

Can you not break the 3month notice account? You'll probably lose the accrued interest and maybe a penalty (£150 in my case), but this would be far cheaper than a bridging loan.

jacques_chirac

You've only just moved in - surely you knew about these repairs beforehand and planned accordingly?

Wellieboot

Thanks for the replies.
Jaques, yes I did have a plan - to break the 3 month notice account and simply lose the accrued interest (as suggested by Kisdory). However, the three months notice is non-negotiable apparently, so there is absolutely no way I can access the cash until mid November.

I know I am extremely fortunate to have the savings behind me and to own my house. I also understand that this situation is completely my fault (and a big lesson in reading the small print).
At the moment I am trying to work out what my options are and I just wanted to ask in case anyone here had experience or advice on this sort of short term loan.
Cheers

claret_mike

I think most notice accounts will let you access with loss of interest.

Compare this to £300 on a survey perhaps and application fees for a secured loan or mortgage etc, its going to be cheaper to do this.

Most banks will lend up to £25k unsecured but with no regular income and you advising it will be repaid in 3 months, you will not be an attractive proposition to them so that will be unlikely.