Secured loan options? bridging loan other??

dont_use_vistaprint

Barclays will lend up to 50k on a personal loan over 18 months or longer at 5.5%, just upgrade to premier. I'm self employed and they have no issues. Sainbsurys will probabbly do it at a much lower APR. With Barclays (dont know about Sainsburys) theres no product fee or early redemption, you only pay interest on the days you hold the cash and looks like the rate stays the same no matter what the term. Buying before 31 March using these types of loans can craete a lot of opportunities, there are also conveyencors movng  at light speed now with everything done online

stormCat99

parkingadvice1212 said:

boots_babe said:

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

How exactly do you pay for a house on a credit card?

The OP said they were only £23k short. If they get 2 or possibly 3 0% cards that would cover it. Then just do a balance transfer to get the cash. It's not something I'd suggest if it was for anything other than just a short term arrangement, but seems the easiest option here.

DCFC79

Depends if the OP's credit history is enough to get the 2 or 3 cards.

steampowered

If your lender is too slow, why can't you just take out a new mortgage with a different lender? 

It might be worth speaking to a mortgage broker as they might know which lenders are able to process a new mortgage application quickly for self-employed people.

There is not much benefit really to "porting" a mortgage, unless you are trying to avoid an early repayment fee due to terminating your mortgage early within a fixed term. But paying off the mortgage and replacing it with a personal loan will also trigger an early repayment fee.

stormCat99

AdrianC said:

boots_babe said:

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

Lender: "OK, I can see you've got £24k in cash as equity... but I can also see you owe £24k to two credit cards. We'll call that net zero, shall we?"

This can't be an unusual situation, and I'm sure it's one most lenders and brokers will have dealt with before - the mortgage is not 100% LtV, because the equity already exists, but it's tied up in the property that is being bought following a relationship failure.

But in this scenario there wouldn't be a lender. The OP will have £142k from the equity in his current home once sold, and only needs an extra £23k to complete their new purchase. So there will be no lender involved, so no need to worry about them digging into the credit history.

Thrugelmir

boots_babe said:

parkingadvice1212 said:

boots_babe said:

If as you say you have a strong credit rating and a good income, they why don't you just apply for a couple of 0% credit cards? You should be able to get £10-12k per card, which if it really is for a short term period, would be an easy and quick solution.

How exactly do you pay for a house on a credit card?

The OP said they were only £23k short. If they get 2 or possibly 3 0% cards that would cover it. Then just do a balance transfer to get the cash. It's not something I'd suggest if it was for anything other than just a short term arrangement, but seems the easiest option here.

My be problematic to gain sufficient credit cards in a short space of time to obtain that level of credit.  

stormCat99

Well it'll depend on the credit history of course. But most of the big names seem to offer double figure credit limits off the bat nowadays, so for someone with decent credit it'd be very doable.

Racky_Roo

I ported my mortgage in December, took a week from application to approval and that was with an issue on my credit file so it was referred. I'm with TSB