Alternative to Equity Release required !

MG4444

Alternative to Equity Release required! 9th Jun 15 at 1:43 PM
Hello All. This is our first post.
We are looking for an alternative method of funding some home improvements - new drive, new kitchen, update bathroom - prior to downsizing. We have lived in this house for 30 years and need to improve its 'kerb appeal' to get the best price possible.
We are looking for a loan of £30k over 5 years - £10k at the outset, a further £10k at the start of year 2 and £10k at year 3, with downsizing in year 4 or 5 - it could take a while to find a suitable place. We had in mind an interest rate of about 5%, the loan being secured against our current property by solicitores for both parties. The loan would be paid back from the proceeds of the sale of our current property at year 4 or 5. We can't use a conventional bank loan because our limited pension incomes could not cover the monthly pricipal and interest repayments.
We contacted Equity Release specialists, expecting the arrangements to be straightforward - we only wanted £30k against a mortgage-free property in excess of £400k. They don't really want people like us looking for small loans over short periods, with a definite termination date, they prefer much larger loans over longer, hopefully indefinite, periods with the monthly compounded interest creeping up until a large part or the whole equity is consumed.
What we really need is a family-member or friend with a 'spare' £30k sitting in a bank or BS account earning very little, to increase its earning power with no risk. Unfortunately we don't know any such people with the right qualifications.
Does anybody out there know of an alternative route for getting such funding - small Bank, Insurance company, benevolent millionaire !
If anyone who has been in a similar position can give any comments or advice, we would be grateful.
Thanks

silvercar

Here is a thread that may be of interest:

https://forums.moneysavingexpert.com/discussion/5250246

Let_Us_See

I appreciate your position but you have to stop day dreaming and decide whether or not you want to finance your home improvements. There maybe a magic genie that visits these posts but most of us work off hard facts and these are in short supply.

Ages, specific income details, and any existing financial commitments would be a good starting point.