Best place to find a P2P loan for 40k?

rking100uk

Hi all,

Am looking to fund an extension on my property. I have about 80k of equity in my house (worth 225k) but am locked into my mortgage for another year and have quite high repayment fees should I want to change. I live in the house and plan to stay living in the house with the extra space being rented out.

Am looking to find someone to borrow 40k to fund the extension (2 Storey, plans approved, builder found, would add approx 80k to value of the house) and offer them a reasonable return for borrowing the money for 3-5 years. Am quite happy to have a contract drawn up etc. and / or charge against my property.

Would a charge against the property affect my mortgage or when I come to remortgage?

Any ideas on where I could find someone like this? Have looked on Zopa etc but maximum loan appears to be 25k.

Thanks

Luke

rking100uk wrote: »

Hi all,

Am looking to fund an extension on my property. I have about 80k of equity in my house (worth 225k) but am locked into my mortgage for another year and have quite high repayment fees should I want to change.

Can't you just wait a year and take out any extra borrowing with a remortgage.

Depending on your mortgage you may have a reserve facility available to you I know Barclays does them, this is charged at the SVR. Mine is available in online banking I can transfer money in and out as I please without it affecting my mortgage.

PeacefulWaters

Wait a year.

Or take a further advance from your existing lender if there are no ERCs.

longtermplanner

No P2P will lend that much. Why would anyone put so many of their eggs in one basket?

Wait a year.