Large short term loan

Struggleon2014

Hi
I need some good advice to help me through an extremely fraught year so far. I have been trying to sell my house and buy another property elsewhere. The sale has fallen through twice since March back in the chain and I am left in a position where I need to complete on the purchase or I will lose not only money but a huge emotional investment for a number of reasons.
Without boring you with the details I have looked at many options but all that is left is to borrow enough to settle my mortgage on the old house and borrow enough for the deposit. Some wonderful family have loaned me a lot of it but I have a shortfall of 50k. My question is, what is the cheapest and best way to borrow 50k for between 1 and 6 months.
I have excellent credit, but bridging loans are beyond my reach financially. Any thoughts would help hugely.
Thank you

forgotmyname

If you cannot afford a bridging loan i automatically think & ask, Can you afford any type of loan?

If you need to sell quickly maybe drop the price or consider one of the companies that buy them. Although what they offer is likely to be well below the real value.

DCFC79

Can I just ask but when looking to buy the property why did you no realise how much you were short by and look for to buy a cheaper property ?

Struggleon2014

I was not prepared to write every detail of what has happened in my question but to answer your 2 questions:
1. Have you any idea what a bridging loan costs? This site is about money saving. I have enough money to fund the mortgage and costs, I was just not expecting an extra 10k on top for a bridging loan
2. I'm not short on buying the property I want, but I need to sell the old house to get it. That is the temporary issue.
I'm sure you both think you are being very helpful, but you have put me off using forums as this has all been painful enough without lectures from strangers who don't know the full story.

catwoman73

But what if you don't sell your house for the price you expect? Until this happens, you don't have the money. How do you know you will sell your house within a few months? I know someone who has been trying to sell for about 5 years because they are unrealistic about the value of their property. Why have the other sales fallen through.

The mortgage market has changed recently due to MMR and mortgages are harder to get - this is like to put downward pressure on prices.

The reality is that borrowing such a large amount of money without security is never going to be cheap. I dread to think how large the rest of the money is that you are borrowing off a relative is, if it is 'all but £50k'. What if they need that money back before you sell?

You've had sensible answers so far. Just because they aren't what you want to hear, doesn't change this.

N9eav

catwoman73 wrote: »

You've had sensible answers so far. Just because they aren't what you want to hear, doesn't change this.

I am not so sure?


Struggleon was asking for advice on short term loans. Not criticism for her property buying decisions.


While it is good to point out the pitfalls of extended borrowing, we also need to assist the Newbie in answering the question if there is one.


Who can provide large short term loans if any at all?

dealer_wins

What company is going to lend £50K without security, at a rock bottom rate?

Answer is no company!

Struggleon2014

Thank you for getting my point. You all make so many assumptions that there are things I have not looked at, thought about or investigated. You can't possibly cover all the potential questions without giving my life story. Long and short, thanks for all the "great" advice but as N9eav says all I wanted to know was advice on large short term loans. Oh and BTW dealer wins, the security is the house i'm selling worth 225k........again too many assumptions!

Gaz83

Struggleon2014 wrote: »

Thank you for getting my point. You all make so many assumptions that there are things I have not looked at, thought about or investigated. You can't possibly cover all the potential questions without giving my life story. Long and short, thanks for all the "great" advice but as N9eav says all I wanted to know was advice on large short term loans. Oh and BTW dealer wins, the security is the house i'm selling worth 225k........again too many assumptions!

You can hardly blame people for making assumptions if you don't give the full information.

You wouldn't go to a broker and give half a story and expect him to help you, how do you expect amateurs to give you any kind of decent advice if you don't give the full picture?

As you say, it's your decision how much information to give, that's your right, but similarly, you can't then blame people for giving what they believe to be the best-case advice based on the scenario you give.

macman

No one has asked for your 'life story'. But equally, no-one can give you meaningful advice without knowing the financial facts (not the emotional ones).

somethingcorporate

You're the one making assumptions assuming everyone that reads can perfectly fill in the gaps that only you know what you've done.

It costs what it costs due to the high risk - if you cannot afford it then you cannot proceed - simple as.