Loan vs mortgage: what's the best option?

jiggers

Hi there,


My parents own an house of which my dad owns 30% and my mum owns 70%. The 30% my dad has agreed to give to either me or my mum (it doesn't matter either way as it will be shared funds or my funds mostly).



The 30% amounts to around £70k and I will most likely be looking for a loan or mortgage to cover half of that so £30 to £35k let's say for now to buy him out (alongside savings). The issue however is that I need the money within the next month or so (latest beginning of March I would say). Would you recommend going for a mortgage (are they are any brokers who offer fast track mortgages) or going for a loan?


Thanks in advance for your advice!

[Deleted User]

You're unlikely to get a loan to buy a house, so it will need to be a mortgage.

However, £30k may be under the threshold for a lot of lenders.

jiggers

Thanks for your response.



But I don't need to buy the house necessarily, I just need the funds so technically I just need £30k odd which I am happy to informally lend to my mum and she buys my dad's share out so I didn't think the purpose of the funds would matter as much in this case unless I am wrong...one of the brokers I spoke to said he is dealing with a £10k mortgage at the moment so the amount didn't seem to be an issue but more the time in receiving the funds (3-4 months).

[Deleted User]

You'll still need to give a reason to the lender.

Neither 'buying a house' nor 'giving it away' will be popular answers.