Short Term Loan needed as moving home…no success!

gsheydhndcbncjmsj

Hi, I'm currently living in a large property that we can barely afford with my husband that was made redundant two years ago due to Covid, i work part time. We are in the lucky position of owing £1000 in total on a property worth £500,000. We are in the process of buying a smaller property in another county and my husband has been offered a great job in that area so all good.
The problem we have is that we have used up all our money…we can pay the bills we have and are slowly selling items we have to pay for unexpected items.we are living very frugally, however, there are some items we need to sort out before we move eg. Repairs on current propertyand car mot.
The thing is…we can't borrow any money to carry us over the couple of months. We could afford a loan monthly payment as it will only be for a couple of months then the house will be sold and the equity will be in our bank account.
Secured loans are a no…not enough term left on mortgage…
Bridging Loan have been fruitless…minimum offer is £10,000 with extremely high interest rate.
Personal loans….gone to the normal online routes and advised that we have no offers.

Really don’t know the way forward we are asset rich and cash poor and are too young for equity release too. 
Any advice gratefully received.

[Deleted User]

If it's only for a couple of months, credit cards would seem the best option.

DCFC79

Do you have to get the MOT sorted or could you do until you get the money ?

You say its a short term loan but how long is short ?

How much are you talking ?

Its a big risk for the lender as delays could happen in the process meaning the debt is paid late.

Grumpy_chap

gsheydhndcbncjmsj said:

We are in the process of buying a smaller property 

there are some items we need to sort out before we move eg. Repairs on current property and car mot.

Can you sell the current property with the repairs outstanding to be done by the purchaser?

What needs to be sorted for the car to pass the MOT?

gsheydhndcbncjmsj

Well, when my husband was made redundant we paid off credit card and paid majority of mortgage off….we left some money fluid but that soon went….we are managing month to month but suspect out credit rating isn’t great. We robbed Peter to pay Paul a couple of times which I think is biting us in the !!!!!! now. 

The property is sold, very short chain but car needs tyres and Mot, a couple of the kitchen appliances in the fitted kitchen need fixing etc. 
We probably need only about £2000 to £3000  for about three months and then we will be debt free. Surely though if we were declined for personal loan we would be declined for credit card? Or doesn’t it work like that? Thanks.

[Deleted User]

Sgsheydhndcbncjmsj said:

 Surely though if we were declined for personal loan we would be declined for credit card? 

Surely not. Acceptance is more likely on a credit card as the rate and limit can be more easily flexed. But you'll still need a sufficient income. 

Failing that, use the card that you paid off - unless it got closed for some reason.

Grumpy_chap

gsheydhndcbncjmsj said:

The property is sold, very short chain but car needs tyres and Mot, a couple of the kitchen appliances in the fitted kitchen need fixing etc. 

Why are you fixing the kitchen appliances?  Is it a condition of the sale?  Did they break after the viewing / exchange?

If you are just fixing the kitchen appliances to be nice, you may be able to avoid that expense.  Then you'll be down to just the car tyres and MOT that need funding and CC to get you through the couple of months will be the most likely way.

gsheydhndcbncjmsj

I think credit cards may be the way forward. We stupidly closed our old credit card account as we’d paid it off, hopefully we will be accepted for a new one. So annoyed at ourselves at not thinking ahead.

Thank you for your advice.

luckbox

Could you go to full time and/or your Husband get a temp job before his new one starts, just for a month or 2? 

warby68

Getting imaginative if you cannot secure credit, sell the car and buy again in 3m when all your equity is released. 

If you really need a car meantime, hire one.

Does your employer offer staff loans?