Trying to borrow against an inherited property

undaunted

APR may be higher than you'd like but there are companies out there who will lend you a small amount short term secured against property even if you have bad credit.


Uswitch website will show some suggestions / likely payments if you have a look

Teddibiase

Hi, yes I am now the legal owner. And also yes ideally I would just wait for the property to sell but I've been told it takes up to three months after a buyer is found for everything to go through and it would be convenient to free up some funds a bit quicker than that

Teddibiase

patman99 - what? It's a flat and I am married with four children. I even mention it's a flat in an earlier post. Or couldn't you wait to go on the Internet and assume the worst about everyone you encounter there? Have a nice day.

antrobus

Teddibiase wrote: »

.... Is it possible to mortgage a small amount against the property for sale, in the region of around £5000?
...

No, the minimum for a mortgage these days is normally £25,000. And no lender is really going to even want to faff around with a mortgage for £25k if your intention is to repay it a few months later.

I know there is a temptation to start enjoying the good life now that you have the prospect of that large wodge of cash in front of you. But patience is a virtue.

paddyrg

Is it in a condition/location suitable to lease short-term via AirBnB? A whole apartment in city centre in reasonable condition might get a few hundred quid plus a week.

boo_star

What you want is a secured loan and mainstream lenders very rarely, if ever, do these.

You may be confusing it with a bridging loan, which is intended for a different audience.

poppasmurf_bewdley

Teddibiase wrote: »

I have used the money saving expert credit card and loan application 'soft searches' and they suggest I would be refused by lenders.
That's fair enough, I accept I've gotten myself into a bad credit history situation but it seems strange that a bank wouldn't lend me a small sum, I'm only talking between 4 and 8 thousand pounds.

A sum between £4k and £8k is NOT a small amount. It is a considerable sum. Any sum is considerable when you don't have it and can't get it.

It's probably this sort of attitude to money which has got you into your financial trouble in the past and why no one wants to lend you money now.

I wonder how long the £195k is going to last you before you are again in financial trouble?

poppasmurf_bewdley

AnotherJoe wrote: »

Whats the rush if its for sale? Why do you need £5k for two or three months?

Because he can't wait to get spending.

ffacoffipawb

patman99 wrote: »

So, you live in a Council house and have now inherited a nice house. You want to sell this house and buy your council property?.

My question has to be, why not just move into the inherited property and give your council house back so that someone else can have the chance of a decent roof above their heads?.

Would you?

Quite, very few people would.

May as well burn money with losing a sizeable discount. You need to look after yourself in this world. If he can buy at a discount, he or she is perfectly entitled to do so.

ViolaLass

poppasmurf_bewdley wrote: »

Because he can't wait to get spending.

I do hope your high horse is comfortable.