Loan for property purchase

zoe_thornburgh

Dear all
I need £8K for my flat purchase - otherwise, I am a cash buyer. Please can someone tell me if there are any loans available for property. I can get a mortgage but cannot get it small and short enough for my purposes.

ZZL

Depending on the property price, can you get a mortgage at the minimum amount and then overpay as soon as you complete, to leave you with just the £8k outstanding?

If not, would a family member take out a loan and "gift" the cash to you to make up the remaining £8k? Of course this would require a lot of trust on their part, so will depend on your relationship largely.

charolettepope

Did you try with any P2P lenders?

Helvetica_Van_Buren

Credit card with a 0% money transfer offer? MBNA give big limits on their cards.

DCFC79

Can you even use a loan for a property purchase ?

Have you spoken to a mortgage broker ?

ZZL

DCFC79 wrote: »

Can you even use a loan for a property purchase ?

Have you spoken to a mortgage broker ?

If they borrow the remaining £8k they wouldnt need a mortgage, so best speaking to a solicitor

DCFC79

ZZL wrote: »

If they borrow the remaining £8k they wouldnt need a mortgage, so best speaking to a solicitor

Yes good point, didnt read the post correctly.

[Deleted User]

Would the seller accept a lower offer?

Xbigman

I wanted to borrow some money from Lloyds for a share purchase. The application form don't include that option so I simply chose 'other' as the reason. It went through with no further questions (I bank with Lloyds).
Look at some online application forms and find one with 'other' as a reason for the loan. You can get to the stage of filling out the application and simply not complete the application if its not there.



Darren