What are our options.

pam491

deleted post

Grumpy_chap

Does the provider of whichever product or service you need offer any linked finance?

pam491

Grumpy_chap said:

Does the provider of whichever product or service you need offer any linked finance?

No, I’m afraid not 

macman

I suggest that the first priority is to check your credit history (with all 3 reporting agencies) to see what, if anything, is affecting your eligibility. Any late payments or defaults in the last 6 years will still be visible.
Who have you approached so far for a loan? The obvious first port of call for a personal loan would be your own bank, assuming you have been with them for some years?
The equity you have in the house is not directly relevant unless you are considering a secured loan-which would be foolish in the extreme for a relatively small amount like this. 

Grumpy_chap

The OP has quite a good financial position (asset) plus income and no other debts.
Do you have any savings?  So, could you borrow the money from your savings and then pay it back to yourself?

The OP is entitled to not divulge the purpose the finance is required for, but has the OP satisfied themselves that this is definitely not a scam of any kind?  

pam491

Grumpy_chap said:

The OP has quite a good financial position (asset) plus income and no other debts.
Do you have any savings?  So, could you borrow the money from your savings and then pay it back to yourself?

The OP is entitled to not divulge the purpose the finance is required for, but has the OP satisfied themselves that this is definitely not a scam of any kind?  

Hi, It's definitely not a scam. We are already using our other savings - we are just 7k short of what we need. 

Grumpy_chap

This is a big, unforeseen and urgent event if it is wiping out a life-time of savings plus an additional £7k. 

Be sure not to leave yourselves deprived of currently required funds for day-to-day living and expenditure and remember that an emergency fund may be required if, for example, the boiler fails or the roof is damaged in a storm, or etc.

Generally, seeking finance through an institution with whom you have a (positive) past relationship with may be more favourably reviewed though the banks will still take into account publicly held data on top of the information they have within their own systems.

Please do not buy any obscure investment such as art that is held remotely in a safe.

cymruchris

Your own bank would know your history so that may be a benefit - and as much as you don't want to put the details here - if it's:

- Any kind of investment
- Buying something you haven't physically seen in person
- A loan to a friend in dire straits who has contacted you through social media

Please be VERY wary.

If it's for an emergency operation outside of the NHS - or something like that - fair enough - or if the house is falling down and you need a roof yesterday - ok - just remember that once it's all gone, it's all gone - and you'll still be liable for a loan.

Is this a case of life and death?

Keep_pedalling

You could look at a lifetime mortgage.

https://www.equityreleasesupermarket.com/plans/lifetime-mortgages/voluntary-repayment

doingitanyway

https://www.which.co.uk/money/mortgages-and-property/mortgages/types-of-mortgage/retirement-interest-only-mortgages-explained-a9z9k0h9lbfy

The above is a link to Which later life options. I think you may be suitable for a interest free retirement mortgage but please seek advice first

pam491

Hi - It's all sorted!

our bank ( TSB) gave us a personal loan of £7000 at 3.2%. I really didn't expect it to be so easy. Thank you for everyones advice and help.