Advice needed

Johnnymonkey

Hi all
I need to raise some money to pay some bills and was hoping to try and secure a short term loan against my late Mums house, on which i have just accepted an offer and expect to complete on in the next two months, where I would pay the loan off in full.
Unfortunately, my current financial situation isnt great.....credit cards almost maxed out etc, so a regular loan would not work.
I bank with Halifax and they told me a bridging loan would be what I'd need, but I've been warned about these with sky high interest rates, so looking to see if there are any other options that I could try?
Any help greatly appreciated!

Shakin_Steve

When Halifax said you needed a bridging loan, did they offer you one?

Johnnymonkey

No, they said its something they don't do any more! I think I'll go see a local financial adviser and see if they can help?

Shakin_Steve

I think you'll have trouble getting any kind of short term loan on a house which, as of yet, is not even sold. An offer is not a purchase. And as you said earlier, even if you did somehow manage to get an advance, the interest would be prohibitive. 

I may be proved wrong, but I wouldn't get my hopes up.

Smashingitnow

What are the bills and when are they due? Explanation backed by documentation to bill issuers if you can push sale through quickly. Two months isn't a long time. Which leads me to...what's the situation of buyers...they have property to sell? Is there a chain? If indeed you can complete in two months and the Bill's are not already long overdue it's a case of communication. How likely that is only you know.

jonesMUFCforever

In 2 months your 'bridging loan' will still be in somebody's bin after being rejected. This is not going to happen - your creditors will just have to wait for their money.

Johnnymonkey

Thanks for the replies.........the loan is for some work on my car to get it through an MOT, plus a few other bits and bobs!

sourcrates

Bridging loan to pay for car repairs ? 

It will cost you a fortune, and that’s supposing you could get the loan, it’s a really bad idea, and far too complicated for such an uncomplicated reason.
Have patience and wait.

upsidedownpancake

Johnnymonkey said:

Thanks for the replies.........the loan is for some work on my car to get it through an MOT, plus a few other bits and bobs!

Even if you didn't have maxed out credit, a bridging loan for such a trivial amount is going to be rejected anyway.  It has to be worth their while and for a grand or two at best, nope.

cymruchris

This might sound a bit harsh - but are there certain things you could do without for a few months that you could sell - and then buy back when you have the money? Ipad's/Playstations/Bikes/Laptops or any other relatively expensive electronics? Do you have the latest iPhone? Could you sell it and buy an old model for now? You could probably survive without them for a few months until the sale went through - and then buy equally 'used' versions back again through fb marketplace etc. That may be a quick way of at least raising some cash. Look around the house and ask yourself - what can I sell right now to get a bit of money in that I can manage to live without for a few months? 

Also - what about your bills? Do you use sky? Are you on a super duper internet package? Is your mobile monthly payment high? Can you cancel anything or downgrade the package for a few months?

Finding a borrowing option in your current circumstances will be difficult I think. 

DCFC79

How much are we talking about re the costs to get the car through the mot ?
If you dont get a bridging loan what will you do ?
Why ae the cards maxed out, this is when the cards would come in handy.
A risky move when your cards are maxed out and your considering a bridging loan, it will be expensive as your hoping the buyer to be wont pull out.