Finance needed after emergency

Moneymoneymoney202420242024

Not really certain if this is the best category to post in for this query.

Been frantically exploring options for raising funds (£10k-20k) for multiple purposes after one of our pets became severely ill and has had expensive emergency treatment. In my situation, it appeared that a bridging loan could be viable but have now found out that the minimum amount for my purpose is £50k which would suffer hefty interest in pound value - and it would also need to be proven that the full amount borrowed is needed, i.e. cant just borrow more than required.

I own my house outright which is undergoing renovation but now there are no funds left to finish the last few things needed before selling.

I don't have a regular income so I would think that pretty much rules out personal loans, secured loans, remortgages, etc.? They have eligibility criteria based on earnings, rather than an exit strategy of repaying after an asset sale.

I was also looking to borrow slightly more than needed to cover any more unforeseen pet emergency expenses, and have calculated that £20k would be ideal, and I estimate a completed sale of my house by summer 2025. I reckon probably would sell for about £170k with no debts to repay. So the £20k to repay would never be a problem.

Maybe someone on this forum knows a lot about finance options and has any better ideas but so far the only option I seem to have left is getting a friend or relative to take out a personal loan for me?

MattMattMattUK

Moneymoneymoney202420242024 said:

Not really certain if this is the best category to post in for this query.

Been frantically exploring options for raising funds (£10k-20k) for multiple purposes after one of our pets became severely ill and has had expensive emergency treatment. In my situation, it appeared that a bridging loan could be viable but have now found out that the minimum amount for my purpose is £50k which would suffer hefty interest in pound value - and it would also need to be proven that the full amount borrowed is needed, i.e. cant just borrow more than required.

I own my house outright which is undergoing renovation but now there are no funds left to finish the last few things needed before selling.

I don't have a regular income so I would think that pretty much rules out personal loans, secured loans, remortgages, etc.? They have eligibility criteria based on earnings, rather than an exit strategy of repaying after an asset sale.

No lender will give you a personal loan without an income, even less one in the £10-20k range.

Moneymoneymoney202420242024 said:

I was also looking to borrow slightly more than needed to cover any more unforeseen pet emergency expenses, and have calculated that £20k would be ideal, and I estimate a completed sale of my house by summer 2025. I reckon probably would sell for about £170k with no debts to repay. So the £20k to repay would never be a problem.

Maybe someone on this forum knows a lot about finance options and has any better ideas but so far the only option I seem to have left is getting a friend or relative to take out a personal loan for me?

How much would you get if you sold the property now in an unfinished state? Is it weather sealed, liveable, eg. kitchen and bathroom even if not finished? 

Moneymoneymoney202420242024

MattMattMattUK said:

Moneymoneymoney202420242024 said:

Not really certain if this is the best category to post in for this query.

Been frantically exploring options for raising funds (£10k-20k) for multiple purposes after one of our pets became severely ill and has had expensive emergency treatment. In my situation, it appeared that a bridging loan could be viable but have now found out that the minimum amount for my purpose is £50k which would suffer hefty interest in pound value - and it would also need to be proven that the full amount borrowed is needed, i.e. cant just borrow more than required.

I own my house outright which is undergoing renovation but now there are no funds left to finish the last few things needed before selling.

I don't have a regular income so I would think that pretty much rules out personal loans, secured loans, remortgages, etc.? They have eligibility criteria based on earnings, rather than an exit strategy of repaying after an asset sale.

No lender will give you a personal loan without an income, even less one in the £10-20k range.

Moneymoneymoney202420242024 said:

I was also looking to borrow slightly more than needed to cover any more unforeseen pet emergency expenses, and have calculated that £20k would be ideal, and I estimate a completed sale of my house by summer 2025. I reckon probably would sell for about £170k with no debts to repay. So the £20k to repay would never be a problem.

Maybe someone on this forum knows a lot about finance options and has any better ideas but so far the only option I seem to have left is getting a friend or relative to take out a personal loan for me?

How much would you get if you sold the property now in an unfinished state? Is it weather sealed, liveable, eg. kitchen and bathroom even if not finished? 

I would lose a hell of a lot of money as the kitchen and bathroom are being done so technically not habitable/mortgageable at the moment and so wouldn't get a great sale price.

silvercar

Could you live off your credit cards for a while? Interest rate will be high, but if needs must.....

Do you have a history with your bank? Would they offer an arranged overdraft?

Moneymoneymoney202420242024

silvercar said:

Could you live off your credit cards for a while? Interest rate will be high, but if needs must.....

Do you have a history with your bank? Would they offer an arranged overdraft?

Currently looking at what we can do with credit cards to get through. One family member is willing to apply for a loan for us.

Thought of overdraft before but thanks for reminding me to look into it. I've been with the same bank since I was 16 (now 41) and have had mortgages with them in the past too. What is the interest rates typically like with overdrafts? Never had to use it before.

saajan_12

Are you living there or elsewhere?
If elsewhere, then can you raise a development mortgage or BTL on this property? If you speak to a broker, there may be some lenders with non standard offerings where they base it on the value of the property and your plan to sell to pay it off. That doesn't work if live there, as you'll always need somewhere to live. 
Or if you're living in an owned property, can you (re) mortgage that place? 

Or can you get a short term job to generate just enough money to install a basic kitchen and make it mortgageable in the more conventional products?

Grumpy_chap

Moneymoneymoney202420242024 said:

Not really certain if this is the best category to post in for this query.

Been frantically exploring options for raising funds (£10k-20k) for multiple purposes after one of our pets became severely ill and has had expensive emergency treatment. In my situation, it appeared that a bridging loan could be viable but have now found out that the minimum amount for my purpose is £50k which would suffer hefty interest in pound value - and it would also need to be proven that the full amount borrowed is needed, i.e. cant just borrow more than required.

I own my house outright which is undergoing renovation but now there are no funds left to finish the last few things needed before selling.

I don't have a regular income so I would think that pretty much rules out personal loans, secured loans, remortgages, etc.? They have eligibility criteria based on earnings, rather than an exit strategy of repaying after an asset sale.

I was also looking to borrow slightly more than needed to cover any more unforeseen pet emergency expenses, and have calculated that £20k would be ideal, and I estimate a completed sale of my house by summer 2025. I reckon probably would sell for about £170k with no debts to repay. So the £20k to repay would never be a problem.

Maybe someone on this forum knows a lot about finance options and has any better ideas but so far the only option I seem to have left is getting a friend or relative to take out a personal loan for me?

Just to be clear, you have paid the emergency medical treatment for your pet.
You own a house worth (or expected to be worth) £170k with no debts.
That house is in renovation, including kitchen and bathroom, so selling for others to live in the house is not viable right at the moment.
You have no regular income.
You are seeking £20k to complete the refurbishment of the house and then expect to sell the house next year.
In the immediate term, a loan seems unlikely base on the above - particularly the "no income"

Where are you living at the moment?
Could the house be lived in (by you, accepting compromises)?  Lots of people do manage to refit kitchens and bathrooms while also staying living at the property.
What income / funding source do you have to meet your day-to-day living expenses?
Do you have any means to increase income in the short term?  Is taking on any kind of employment / job possible?
Are you entitled to any benefits?

peteuk

In hindsight - Pet insurance!

Moneymoneymoney202420242024

To hopefully answer some of the above...

With my partner there's 4 places we can stay, at the house, our holiday home caravan, or with either's parent. The caravan wouldn't have much value to sell as its very old (only cost me £5000) but I love it and really wouldn't want to sell it if I can avoid it.

No official debt but I do have a private debt to a relative of £128k which is completely tied up in the value of my house. They have no requirement for this money to be paid back by any particular time and can be years down the line if necessary. If the house was sold as it is now anyway, I highly doubt I would even get enough from a sale to repay the full amount owed back to them. So everything I have put into the house from my own pocket on top of the loan would be completely lost - probably more than £25,000. If the relative still had any more money available they would loan me the amount I need to get through to when the house can be sold, but they haven't got anything else spare and are close to retirement.

Tried loans in my partner's name and relative's. Can't get anything. Can't get the bridging loan which would be the one thing we really need and would solve everything. Can't get any benefits or financial aid or charity support.

Pet insurance cover amount has already been maxed out for this year, and there are still going to be more bills to come. His emergency treatment is on going and requiring us to drive him up to two hours each way to a specialist centre. We've maxed out credit cards now too. We don't have enough money to pay for the next vet bill which would be this Friday. We can try speaking to them to see if they can do a payment plan.

The timing of all this has screwed us right up. There was enough money set aside to finish the work on the house and for living expenses up until mid next year. That's all gone now along with added credit card debt. I'm now looking to see if I can get paid work to bring in some additional income to go with my partner's, to maybe be able to get us through, but the way it's going we just won't have any more money left for the vets. If things had gone as planned, we would certainly have had at least £40,000 left over of our own after the house sale which could have been more than enough to pay all these vet bills. Now it seems the only way to pay for it is to fist lose every penny we have by selling the house as it is now, and then become reliant on my relative's regained ability to financially help with vet bills as they would have their £128k back (or at least most of it).

Olinda99

you don't say how old you are but would equity release be an option ?

tegmim

That's a huge commitment to an animal! I've seen some successful crowdfunders for vet bills - if you are prepared to share photos and receipts, and could get it in the local newspaper and perhaps get someone prominant to share your story on social media, you might be able to generate some support.