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£50k Loan for only a few months
Rushdenx1_2
Posts: 1 Newbie
in Loans
I am building an extension on my house it is going to cost around £50k. My partner is in the process of selling her property which will fund the extension, but the monies will not be available until a few months after the extension is complete. I therefore need a loan which I can pay off as soon as the money is available, preferably without penalties and with the initial payments being less than £1k. Can someone advise me as to the best type of loan I need and who currently provides one. Any help is appreciated. Kevin.
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Comments
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Bridging loan
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I do not think you will find a lender that will be willing to lend you £50,000 with no early repayment pentalties and the inital payments of less than £1,000.
Maybe wait until the other house is sold before progressing with the extension.0 -
Take out further borrowing on your mortgage and just repay it when you get the money.£1000 Emergency fund No90 £1000/1000
LBM 28/1/15 total debt - [STRIKE]£23,410[/STRIKE] 24/3/16 total debt - £7,298
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Why the desperate urgency to have an extension built before you have the money from the house sale?"There are not enough superlatives in the English language to describe a 'Princess Coronation' locomotive in full cry. We shall never see their like again". O S Nock0
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Someone you know, who trusts you completely.0
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