I need help to borrow £15000 with no monthly payments. Pay back when house is sold

bigg

I expect to pay interest and the loan back, when the house is sold. I'm retired and have maxed out my monthly payments. I don't really want to go into details, as I'm trying to keep my posts as short as possible. I have plenty of assets but little cash flow. My accountant used to call it 'asset rich, cash poor'. I'm in a catch 22 position. I want to sell the house but need some money to sell it.

Nasqueron

bigg said:

I expect to pay interest and the loan back, when the house is sold. I'm retired and have maxed out my monthly payments. I don't really want to go into details, as I'm trying to keep my posts as short as possible. I have plenty of assets but little cash flow. My accountant used to call it 'asset rich, cash poor'. I'm in a catch 22 position. I want to sell the house but need some money to sell it.

Sell it for £15,000 less and get it off the books

bigg

Nasqueron I don't understand your post. If I could sell the property for £15,000 less, I wouldn't need the £15,000 for upfront costs etc., in the first place. That means I could sell it for the full price and this thread would not be needed.

fwor

bigg said:

Nasqueron I don't understand your post. If I could sell the property for £15,000 less, I wouldn't need the £15,000 for upfront costs etc., in the first place. That means I could sell it for the full price and this thread would not be needed.

That's one of the problems with putting minimal details in a post - people have to make assumptions rather than knowing the facts. Nasqueron is probably assuming that you need the £15k to (for example) fit a better kitchen - so simply try selling it without any improvements at a lower price. You can afford to drop it by more than £15k if you account for the fact that you will have to have paid interest on that £15k.

If by "I have maxed out my monthly payments" you mean that you already have debts that you can only just repay, any conventional lender is going to run a mile, sadly.

QrizB

This isn't what you're looking for, but you could take the £25k mortgage then use the extra £10k to service the loan while you're waiting to sell the house.

£25k over 20 years at 5% is £165 a month. £15k would be £99 a month. The extra payments for borrowing £25k for a year would be £780, equivalent to having borrowed the £15k at 12%.

If someone offered you the £15k at 12% would you accept it? If so, borrowing £25k at 5% is no more costly.

Nasqueron

fwor said:

bigg said:

Nasqueron I don't understand your post. If I could sell the property for £15,000 less, I wouldn't need the £15,000 for upfront costs etc., in the first place. That means I could sell it for the full price and this thread would not be needed.

That's one of the problems with putting minimal details in a post - people have to make assumptions rather than knowing the facts. Nasqueron is probably assuming that you need the £15k to (for example) fit a better kitchen - so simply try selling it without any improvements at a lower price. You can afford to drop it by more than £15k if you account for the fact that you will have to have paid interest on that £15k.

If by "I have maxed out my monthly payments" you mean that you already have debts that you can only just repay, any conventional lender is going to run a mile, sadly.

Yes this is exactly the point - OP needs 15k to sell the house, not sure why as they don't say so I guessed at it being 15k to upgrade something or whatever - by reducing the sale price by 15k it avoids the need to borrow. Any which way, no lender is going to give OP 15k loan without making payments on the basis that they hope to or might sell the house in 6 months and repay it.