Need 10k fast

Brostie

I need to borrow 10k fast. The reason is that I have seen the house of my dreams but its £10k more than the one that I now own (outright). I have funds in place for solicitors, estate agenst feees surveys etc. My problem is that I'm self employed and have a very fluctuating income from various sources. I do some online admin work, have some rental income from my spare room and I'm also a regular dog sitter (as I work from home). I really don't want to go back into a mortgage situation as being mortgage free for the past four years has been amazing and has allowed me the flexibility of working from home which I love. When I've made enquiries about short term loands form my own banks they are telling me that they can't loan funds if its for the purchase of a house. They would if it was for house repairs or renovations though. I've also looked into obtaining more credit cards (already have one but very rarely use it) the first application was declined and I don't want to try any more until I've had more advice. Any assistance would be greatly appreciated.

foxy-stoat

Sell as much stuff as you can - down value your car or van....if you cant get a mortgage, even a small one.

Do you have a buyer for your property?

DCFC79

Brostie wrote: »

I need to borrow 10k fast. The reason is that I have seen the house of my dreams but its £10k more than the one that I now own (outright). I have funds in place for solicitors, estate agenst feees surveys etc. My problem is that I'm self employed and have a very fluctuating income from various sources. I do some online admin work, have some rental income from my spare room and I'm also a regular dog sitter (as I work from home). I really don't want to go back into a mortgage situation as being mortgage free for the past four years has been amazing and has allowed me the flexibility of working from home which I love. When I've made enquiries about short term loands form my own banks they are telling me that they can't loan funds if its for the purchase of a house. They would if it was for house repairs or renovations though. I've also looked into obtaining more credit cards (already have one but very rarely use it) the first application was declined and I don't want to try any more until I've had more advice. Any assistance would be greatly appreciated.

How fast do you need the funds ?

You might have to come to a realisation that if you cant get the money then it isn't meant to be.

PixelPound

You say fast, but have you sold your house and already have the money? If not there is that to take into consideration. Even if you have accepted an offer, if they are buying with a mortgage or in a chain that could take the time.

You don't want a mortgage, but looking for a 10K loan? Isn't a mortgage a loan on your house

Herzlos

You're likely going to be waiting a while to sell your house first.


I know you don't want a mortgage, but it'll be easier and cheaper than a loan, and if it's only £10k you should be able to get it cleared pretty quickly (if you can get one for that low an ammount).

DCFC79

A mortgage is the only way, if you can't get 1 for 10k then get 1 for the minimum and make a lump sum payment to reduce the monthly payments.

TriathNanEilean

Note, however, that many lenders have minimum mortgage levels (often, e.g. Nationwide, as high as £25,000). A £10k one may not be that easy to find.


[edit: Halifax seems to be £10,000 minimum, so not impossible I guess, just that there will be fewer options to choose from]

Nick_C

I was in a similar position about 20 years ago. I needed about £10k to buy a property. I had a very good income at the time. I could afford to pay it back in a year.

I phoned Sainsbury's Bank to apply for a loan. They told me I cannot use a personal loan to buy property.

I then phoned Tesco's Bank. I told them I wanted to borrow £10k to buy a new car. Loan approved over the phone. One year to repay at a low rate of interest. Money in my account a few days later.

Once I received the money, I decided I didn't really need a new car after all, and used the money to buy a property instead! No mortgage, no charge on the property, simple cash purchase.

You should never lie to a bank of course. But once you've received an unsecured loan, there is nothing to stop you changing your mind about what you do with the money.

mad_rich

How do you know the value of your current house? Do you have an offer made on it?

With lumpy income from self employment, I would think very carefully about what you can afford to repay, and over how long you'd need the loan.

View your credit file on here to see what cards you might be eligible for.

Shakin_Steve

Make an offer on the house you want £10K under asking price, you never know

T-G-C

Nick_C wrote: »

I was in a similar position about 20 years ago. I needed about £10k to buy a property. I had a very good income at the time. I could afford to pay it back in a year.

I phoned Sainsbury's Bank to apply for a loan. They told me I cannot use a personal loan to buy property.

I then phoned Tesco's Bank. I told them I wanted to borrow £10k to buy a new car. Loan approved over the phone. One year to repay at a low rate of interest. Money in my account a few days later.

Once I received the money, I decided I didn't really need a new car after all, and used the money to buy a property instead! No mortgage, no charge on the property, simple cash purchase.

You should never lie to a bank of course. But once you've received an unsecured loan, there is nothing to stop you changing your mind about what you do with the money.

No, but if the lender did later find out that the funds were used for a prohibited purpose, the borrower could be accused of fraud and be placed on the CIFAS register under category 3. It would then be down to the individual to prove that the funds for the property purchase were not sourced from the loan, issued on the condition that the funds were not to be used for purposes explained by the lender, to which the borrower was asked to select a reason for their loan. If the reason was untrue and the loan later spent on a prohibited purpose, the loan would be obtained on material falsehood, as the lender would have declined or re-assessed the decision if it was specified to them honestly.

I thought it was important to note that, so someone doesn't have their life torn apart by a private organisation built on bureaucracy.