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short term loan advice
Indian_Joe
Posts: 2 Newbie
in Loans
O.K, here goes...
We are converting and extending a garage into a large detached annexe to house my aging mum-in-law. Due to health reasons we need to start the work immediately, so we are paying for the build and mum will pay us back when she sells her house.
i need to borrow around 45k to fund this.
What's the best way of raising the cash without incurring massive interest charges?
The build will only take 3 months and hopefully mum will sell her house within this time or shortly after.
many thanks
Joe
We are converting and extending a garage into a large detached annexe to house my aging mum-in-law. Due to health reasons we need to start the work immediately, so we are paying for the build and mum will pay us back when she sells her house.
i need to borrow around 45k to fund this.
What's the best way of raising the cash without incurring massive interest charges?
The build will only take 3 months and hopefully mum will sell her house within this time or shortly after.
many thanks
Joe
0
Comments
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Add it to your existing mortgage or take or a mortgage on your existing property making sure there will be no penalties for repaying it early0
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The market is rising at the momemt, so why not wait till she has sold her house?0
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If you are unable to add it to your existing mortgage then you may want to look at bridging loans, whilst the interest rate is higher than a conventional mortgage they are designed for short term borrowing so don't have the typical early repayment penalties of mortgages.
But you need to be pretty confident about how quickly you will be able to repay. If mother's house took longer to sell (and a year is not uncommon at the moment in some areas) then it could work out more expensive than a mortgage.A smile enriches those who receive without making poorer those who giveor "It costs nowt to be nice"0 -
As above, it may be worth attempting to add it to the mortgage, if not a bridging loan would probably be the best option here.
CK💙💛 💔0 -
many thanks to all those who replied. Mortgage looks like the best option.0
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