Redundancy & 50k Loan

d3liberate

Hi Forum,
I've recently been made redundant at work, and have settled at circa £50,000. I also have £20,000 in savings of my own, plus an additional £150,000 to be gifted from family. Thats £230,000 total.

I need to keep a float of £20,000 so have £200,000 to spend on a property.

I obviously cannot get a mortgage now without a job, so need to get £50,000 loan somehow to purchase a property off a family member for £250,000.

What are my options?

I have no debts, but no assets either and have a perfect credit history although I do not use credit cards & have never taken out a loan previously so this may affect my credit score.

Once I take out the loan, I will have an asset (ie: the property) that is worth £300,000 which is its current market value.

I need to find £50,000 to pay the agreed price.

I can work it a different way by getting the property transferred to me first for £200k and then if it makes it easier to take out a loan of £50,000 against the property, that is an option, but that £50,000 loan/mortgage would need to be released to me in cash and then I can pay the family member (I can say i'm taking it out for renovations or something?

cakeforbrains

It sounds like you are looking for a mortgage. Maybe try posting this question in the 'mortgages and endowments' board.

cajef

d3liberate wrote: »

so need to get £50,000 loan somehow to purchase a property off a family member for £250,000.

What are my options?


(I can say i'm taking it out for renovations or something?

There are no options, no one will give you a loan for that amount if you are unemployed, out of interest how do you propose to pay a loan off without any income.

Taking out a loan to purchase a property and saying it is for renovations would be fraud.

Pixie5740

d3liberate wrote: »

Hi Forum,
I've recently been made redundant at work, and have settled at circa £50,000. I also have £20,000 in savings of my own, plus an additional £150,000 to be gifted from family. Thats £230,000 total.

I need to keep a float of £20,000 so have £200,000 to spend on a property.

I obviously cannot get a mortgage now without a job, so need to get £50,000 loan somehow to purchase a property off a family member for £250,000.

What are my options?

It sounds as though you require a £50k mortgage. There's zero chance of getting unsecured lending of £50k with or without a job.

d3liberate wrote: »

I have no debts, but no assets either and have a perfect credit history although I do not use credit cards & have never taken out a loan previously so this may affect my credit score.

No credit history is not the same as perfect credit history. No credit history means you are an unknown quantity to lenders.

d3liberate wrote: »

Once I take out the loan, I will have an asset (ie: the property) that is worth £300,000 which is its current market value.

I need to find £50,000 to pay the agreed price.

I can work it a different way by getting the property transferred to me first for £200k and then if it makes it easier to take out a loan of £50,000 against the property, that is an option, but that £50,000 loan/mortgage would need to be released to me in cash and then I can pay the family member (I can say i'm taking it out for renovations or something?

Why faff about buying a property for £200k and then remortgaging? Why not just get a mortgage in the first place, assuming you can with no current employment. One for a mortgage broker methinks.

d3liberate

Cheers for the advice all. I've weighed up my options and am considering taking out two £25,000 personal loans from my banks over 5 years. Thats £50k, at 5.3% interest average so repayments of around £1000 a month.

That gives me up to 12 months before my savings run dry to find a steady stream of income to live on and pay off these loans! If it all goes wrong, i'll sell the property and move out of London.

Gaz83

You're not going to get one £25,000 personal loan, let alone two. You have no job. You have no income.

lee111s

I'd love to know which bank is going to lend you one £25,000 loan, let alone two, with zero income.

[Deleted User]

What about 5 x £10k loans?

d3liberate

Already done and money in my account. Where there is a will, there is a way I guess.

Candyapple

d3liberate wrote: »

Already done and money in my account. Where there is a will, there is a way I guess.

So, what bank(s) was this that leant you £50k in less than an hour with 0 income and no credit history?

Candyapple

Lol epic windup thread OP, thanks made my Friday that little bit better:rotfl: