I need a loan of £5k

pjm101

I've recently become unemployed due to ill health. I need to sell my (shared ownership) property. It has about £60k equity in it. I need £5k to pay the up front legals, survey and some re plastering / repairs. I'd like to pay back the loan and interest after the property has been sold. I have poor credit, no savings and no family.
Anybody got any ideas?
Thanks

MovingForwards

Where will you live after you sell?

Unfortunately you will struggle to get a loan with no income.

Were you paid off or pensioned off?

Gaz83

With no income, no savings and a poor credit history you're not going to find anyone willing to lend you any money. Not without ridiculous interest rates.

[Deleted User]

pjm101 wrote: »

I've recently become unemployed due to ill health. I need to sell my (shared ownership) property. It has about £60k equity in it. I need £5k to pay the up front legals, survey and some re plastering / repairs. I'd like to pay back the loan and interest after the property has been sold. I have poor credit, no savings and no family.
Anybody got any ideas?
Thanks

£5,000 sounds like an awful lot for some plastering, solicitor fees, and a survey. If you’re the vendor and are paying for a survey are you in Scotland?

I suppose what I’m asking is £5,000 a budgeted figure or a finger in the air figure? Is there scope to reduce it? What plastering and repair work is required? Your property doesn’t have to be pristine in order to be sold.

If you are unemployed due to ill health check that you’re claiming all the benefits you are eligible for: https://www.turn2us.org.uk/

If you are struggling to pay your mortgage due to a reduced income speak to your lender. You might be able to take a payment holiday or switch to an interest only mortgage to give you some breathing space.

mgrint

I agree with Lover of Lycra that you should speak to your lender in the first instance.

If you are certain that you need to borrow to facilitate a sale, and the sale will yield the cash value of the equity, you may look into a bridging loan which may need to be secured.

foxy-stoat

You wont get a loan.

You need to sell stuff, down value your car, find work.

pjm101

MovingForwards wrote: »

Where will you live after you sell?

Unfortunately you will struggle to get a loan with no income.

Were you paid off or pensioned off?

I was neither paid off or pensioned...I was only working for a short time. I plan to buy a boat and live on it

pjm101

foxy-stoat wrote: »

You wont get a loan.

You need to sell stuff, down value your car, find work.

I have nothing to sell...I'm in process of getting a local taxi licence so need the car...

pjm101

A little of finger in the air...but the plastering / tidying up is £1200. The nature of my shared ownership means I have to pay surveyor and the legals for the primary leaseholder upfront, plus some of my own legals up front, plus on line estate agent. I do not have a mortgage, I own a percentage of the property and pay rent on the rest. Universal credit has been applied for but it looks like I wont get anything for a minimum of 8 weeks.

pjm101

I do not have a lender, I pay rent for the share not owned by me.

Willing2Learn

pjm101 wrote: »

I'm in process of getting a local taxi licence so need the car...

There are lots of companies that will rent a private hire vehicle or hackney carriage. I used to rent about 30 years ago, and it is a good way to build the necessary funds to buy your own car.