Short term loan of £90,000 needed - advice welcome

marytee

I hope someone can advise. I am due to retire from the NHS and will need the lump sum I am due to put toward a property. I have arranged the completion date to coincide with the retirement date, however have been told that there will be delay in the finances

How Can I borrow 90k for about three weeks? What is the process?

Help appreciated

Best Wishes.

DevCoder

Can you not delay completion?

marytee

Thanks. Although that's sensible we plan to exchange contracts ASAP and have given the date for completion. I am worried we will lose it

DevCoder

A bridging loan is the only option but I can't see even that happening.

How long is the gap between completion and funds being available?

marytee

Thanks krisdorey. The gap is two weeks

Tixy

Realistically I would be looking to put back completion by 2weeks. Explain the issue and it seems unlikely they would pull out for the sake of 2weeks. If they went with any other buyer at this stage it would likely set them back by more than 2 weeks.

You could even offer say an extra £1k on to the agreed price for the delay and it would still be at least as cheap and far easier than a bridging loan.

That said I would double, triple check that you will definitely have the funds within the 2weeks. If there is any doubt about how long it will take to release the lump sum then I would ask to put completion back further.

marytee

Thanks Tixy

jonesMUFCforever

You will only lose the deal if someone else offers more.
Do not exchange contracts until you have the funds is my advice - better to lose this property than overreach yourself.

Thrugelmir

marytee wrote: »

Although that's sensible we plan to exchange contracts ASAP and have given the date for completion.

Completion date is agreed upon exchange of contracts. If you do not have the funds available solicitor is likely to advise you not to exchange.

Rather optimistic expecting to receive your pension lump sum on the same day you retire!

nearlyrich

Thrugelmir wrote: »

Rather optimistic expecting to receive your pension lump sum on the same day you retire!

Why is it optimistic surely the NHS HR department are aware when people are about to retire and can plan to pay the lump sum on the date of retirement.

Tixy

nearlyrich wrote: »

Why is it optimistic surely the NHS HR department are aware when people are about to retire and can plan to pay the lump sum on the date of retirement.

I guess the employee usually won't have their final pay until after retirement and so the final pension pot/entitlement won't necessarily be known until after that date? (maybe?)