best way to borrow £80,000 for 9 months

edited 30 November -1 at 1:00AM in Loans
17 replies 5.3K views
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  • :spam: by mysecuredloan reported.
  • JimmyTheWigJimmyTheWig Forumite
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    Bridging loans are expensive. A mortgage would be far cheaper. If you get an offset mortgage you could offset it entirely in 9 months time when your funds come through to clean the loan.

    Talk to a broker.
    I agree with this.
    I think the only way you'll get your hands on this sort of money is from a mortgage.
    Go for a low-fees option. Don't worry too much about the interest rate, as you won't be paying that for long.

    Either go for an offset, as somethingcorporate says, or find a product with low (or no) ERCs.
  • greenerygreenery Forumite
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    Yes, I am thinking this may be the only inexpensive way. I am going to speak to my bank but the thing that concerns me is the length of time this would take to set up. I was hoping to have the money available in 2 - 3 weeks.
    Still i won't know 'till I ask.
  • nom_de_plumenom_de_plume Forumite
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    I've had an offset mortgage for years now and was at a point where I could have paid off the outstanding balance but have deliberately kept the facility as it is such a useful and cheap means to almost instant cash. I'm currently using a significant chunk of 'draw down' for a project at a heavenly 1.5%. Obviously this doesn't help the OP now but worth bearing in mind for the future.
  • AshleyJudd wrote: »
    that's too much i think

    So what in your opinion would not be too much then?
  • greenerygreenery Forumite
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    I've had an offset mortgage for years now and was at a point where I could have paid off the outstanding balance but have deliberately kept the facility as it is such a useful and cheap means to almost instant cash. I'm currently using a significant chunk of 'draw down' for a project at a heavenly 1.5%. Obviously this doesn't help the OP now but worth bearing in mind for the future.

    And that is the really fustrating thing. We had such a morgage and wanted to keep it open. We were told that for a £50 fee we could keep it open but, when it came to our last payment, they changed their minds and told us we had to close it!
  • nom_de_plumenom_de_plume Forumite
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    Again too late to help you but mine is currently interest only and is set to be paid back on my retirement date. When money has been available to clear it off I've always left some in the corresponding current account to offset the interest. That way there's always some instant 'readies' and for larger sums a phone call has always resulted in a quick release of extra funds.

    Perhaps a phone call to a mortgage broker or 2 to see what could be set up quickly. A switched on one may be able to push things along through 'contacts'.
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