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Type of loan

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PlasNewydd01
PlasNewydd01 Posts: 1 Newbie
in Loans
I own my property outright and have decided to sell it whilst I'm minded this may take a while, the property has a current value of £1.1M. I'm considering the release of some funds in the meantime in order to get back into the residential redevelopment market. I would not wish to take out a long term loan, thinking more like 18-24 months but not sure what options are available.  

Comments

  • Nasqueron
    Nasqueron Posts: 10,673 Forumite
    Part of the Furniture 10,000 Posts Photogenic Name Dropper
    If you have income you could take out a loan up to around 50k but if you're looking at buying a house to renovate and sell you'd need a proper mortgage as lenders do not normally like personal loans for property purchases. Secured loans could be problematic also 

    MSE site has some listed for 1-8 years

    https://www.moneysavingexpert.com/loans/cheap-personal-loans/

    Sam Vimes' Boots Theory of Socioeconomic Unfairness: 

    People are rich because they spend less money. A poor man buys $10 boots that last a season or two before he's walking in wet shoes and has to buy another pair. A rich man buys $50 boots that are made better and give him 10 years of dry feet. The poor man has spent $100 over those 10 years and still has wet feet.

  • artyboy
    artyboy Posts: 1,604 Forumite
    1,000 Posts Second Anniversary Name Dropper
    edited 7 March 2024 at 6:42PM
    [Quoted post removed by Forum Team]
    Fixed that email for you. Oh, and reported.
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