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£50k Loan for only a few months

Rushdenx1_2
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.

Comments

  • CKhalvashi
    CKhalvashi Posts: 12,134 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    Bridging loan :)
    💙💛 💔
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    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.
  • andyfromotley
    andyfromotley Posts: 2,038 Forumite
    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
    !
  • poppasmurf_bewdley
    poppasmurf_bewdley Posts: 5,939 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    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 Nock
  • robatwork
    robatwork Posts: 7,273 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    Someone you know, who trusts you completely.
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