Short Term Loan Against a Property

d_goods

Dear Forumheroes,

First post! Lets see how this goes...

I'm in the process of buying a house as a first time buyer (offer accepted, everything in play). However, its going to take a little while longer than I'd hoped to release some funds I have for my deposit, SDLT and sundries, totalling £200k.

I've built up a really good respectful relationship with the sellers and do not want to let them down, or lose the house and the delay in releasing my funds means I will not meet the completion date we agreed.

My folks are willing to help and would be prepared to release the £200k from their house - effectively a short term loan against their property which would be repaid in 1 month.

So its effectively a classic cashflow issue.

My question is do such products exist? And if so, who should I go to to find one? Equity release products (from the little I understand about them) will want longer repayment terms and penalties and don't seem to fit the brief.

I'd be very grateful of any other suggestions.

Thanks in advance!

Dan

bris

The contracts obviously aren't signed so pushing it back a month wouldn't be a problem.


I suspect yet another troll but for the benefit of the doubt no, your parent's couldn't raise that type of money in the month you need anyway so forget it.

d_goods

Thanks bris - a month does not seem to be a problem for either side so that seems the best option. I just wondered if a bridging loan against a property might be relatively affordable (given low interest rates) and doable, but had never looked into it myself.