Short Term Loan needed as moving home…no success!

3 Posts

in Loans
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.
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.
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Replies
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.
What needs to be sorted for the car to pass the MOT?
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.
Failing that, use the card that you paid off - unless it got closed for some reason.
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.
Thank you for your advice.
If you really need a car meantime, hire one.
Does your employer offer staff loans?