Need just 10-15K-what to do

milominder

Planned to buy a house for 150k with saved up cash, no mortgage. Almost through to completion on one, but found another which I fell in love with. Falling short 10-15k. Never taken credit or even had a credit card, plus only been back in the UK for a few months after several years abroad. So getting credit proving to be quite hard, online anyway, even though I am just about decently waged. Also credit taken as mortgage means I lose my (allegedly) coveted "cash buyer" status. What can I do to get cash quickly short of robbing a bank?

welly_59

How's much is the house being marketed for? Could you offer what you have saved in cash?

mi-key

I don't think being a cash buyer really makes that much difference unless the agent is advertising it as cash buyers only or it can't be mortgaged for some reason ( non standard construction etc.. ).

Might be worth taking out a small ( £30K or so ) mortgage with no early repayment charge then you can pay off the £10 - £15K from your savings to reduce it and keep the balance as an emergency fund or pay it off early from your wages.

It's always worth having some savings when buying a house as there can be lots of unexpected expenses that crop up.

milominder

Thanks both. House is being marketed for 180 and the fact that my current offer is cash does interest them (though they haven't accepted it yet) makes me feel 15k more might seal the deal. Yes, very worried about post purchase expenses (and lack of general emergency buffer until we build one again), maybe I should have saved half my money and taken a mortgage for the rest to begin with! Just a psychological barrier against taking loans...

Zerforax

Loans with affordable repayment schedules are very useful, for these kinds of circumstances. 

Mortgages typically have a low interest rate compared to other borrowing as its secured against the property.