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Personal loan for top up of house purchase?

Ewer123
Ewer123 Posts: 37 Forumite
in Loans
Hello,

I've searched the forum and can't find a response to my questions.

My partner and I can't get a mortgage ( due to short term 1year contracts at work). I have inherited around 60K and have some savings of my own to play with.

Fortunately I'm in an area where I could buy a house outright at around 80-85K, so I'm around 15K short of being able to buy the property outright.

Could I use a bank loan to make this happen? Or would they refuse?

Do I have any other options?

Thank you :)
«1

Comments

  • [Deleted User]
    [Deleted User] Posts: 0 Newbie
    Eighth Anniversary 10,000 Posts Debt-free and Proud!
    You could find a property a bit above your price range, and make them a cash offer, of the amount you can afford.

    Cash will often get you a discount.
  • Sinhanada
    Sinhanada Posts: 497 Forumite
    You could approach the banks for a personal loan, but with that much of a deposit I would think a mortgage would be the better option, especially with interest rates. Having a sizable deposit may make the mortgage a better option.

    However, with a mortgage or personal loan the house would be at risk if you were not able to keep up the repayments as any personal loan that size would generally be secured on the property.
  • Tixy
    Tixy Posts: 31,455 Forumite
    If your employment contracts are temporary then they will very likely prevent you from being accepted for a large personal loan for the same reason that you are struggling to find a mortgage lender.
    A smile enriches those who receive without making poorer those who give
    or "It costs nowt to be nice"
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    For so little I'd stay in for a year with the lights off and save every penny and buy next year.
  • AndyT678
    AndyT678 Posts: 757 Forumite
    Part of the Furniture Combo Breaker
    Ewer123 wrote: »
    My partner and I can't get a mortgage

    Are you certain about that? Maybe try asking on the mortgages board if there are any options available to you.
  • Ewer123
    Ewer123 Posts: 37 Forumite
    I asked a mortgage advisor and he stated that you must be in 12 months continuous employment in the same sector ( no gaps in between) but I will ask as a mortgage would be the best option!

    Otherwise looks like I might have to scrimp and save for a bit!
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    You cannot get a personal loan to buy property.
  • hostie
    hostie Posts: 505 Forumite
    edited 13 June 2014 at 11:37PM
    I would just go for an ordinary personal loan If you have that much money in your bank account, surely you will look like a good bet for a loan.
    You could even get one each?
    24.06.14 12 st 12 lb (waist 45" at fattest part of belly)
    7.10.14 11 st 9 lb
    26.02.15 12 st 5 1/2 lb
    27.05.15 11 st 5.6 lb
    4.8.17 11 st 1lb
    Target weight: 10 1/2 stone
  • hostie
    hostie Posts: 505 Forumite
    edited 13 June 2014 at 11:37PM
    post edited
    24.06.14 12 st 12 lb (waist 45" at fattest part of belly)
    7.10.14 11 st 9 lb
    26.02.15 12 st 5 1/2 lb
    27.05.15 11 st 5.6 lb
    4.8.17 11 st 1lb
    Target weight: 10 1/2 stone
  • d70cw6
    d70cw6 Posts: 784 Forumite
    never be honest in financial dealings imo
This discussion has been closed.
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