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Personal Loan to pay remainder of property?
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Comments
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Whats the reluctance on a mortgage?1
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Won't a loan mean higher interest rates?
As DrEskimo asks, what IS the reluctance on a mortgage?Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.1 -
Various reasons which are beside the point. The question is quite clear.0
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Given most high street banks won't lend for a property purchase, it's not really ideal. Maybe look into bridging loans1
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People are trying to help you.Eveyahoo said:Various reasons which are beside the point. The question is quite clear.
Getting snippy with them isn't likely to encourage people to help you further.10 -
Are counter questions useful?ItsComingRome said:
People are trying to help you.Eveyahoo said:Various reasons which are beside the point. The question is quite clear.
Getting snippy with them isn't likely to encourage people to help you further.0 -
What about a credit card?? One with a 0% money transfer so you can shift the £10-15k into your bank account? Then you can see how much you can pay off while it's 0% and possibly get a loan to clear your credit card debt if necessary.
Otherwise you might try one of the peer to peer loan thingmes. I know nothing about those really though.I’m a Forum Ambassador and I support the Forum Team on Debt Free Wannabe, Old Style Money Saving and Pensions boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
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Yes, frequently people don't understand what their options are and have a completely single-minded focus on achieving whatever it is they've decided is "best" without potentially considering the downsides or the alternatives.Eveyahoo said:
Are counter questions useful?ItsComingRome said:
People are trying to help you.Eveyahoo said:Various reasons which are beside the point. The question is quite clear.
Getting snippy with them isn't likely to encourage people to help you further.4 -
Well without knowing what your objections are to a mortgage, how do we know whether other options won't fall foul of the same objections?Eveyahoo said:
Are counter questions useful?ItsComingRome said:
People are trying to help you.Eveyahoo said:Various reasons which are beside the point. The question is quite clear.
Getting snippy with them isn't likely to encourage people to help you further.
Furthermore, if we know what your objections are, we can weigh those up against your potential other options to help you determine whether a mortgage under less ideal conditions is still better suited that other alternatives.
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Not sure why a mortgage won't do the job.
Only other idea would be a cash advance credit card.
EDIT: Is a mortgage even available for as low as £15k? Do lenders have minimum advance levels? I know you can borrow more and then pay back early, but that is working around the system.0
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