Help Do I need a mortgage or loan (short term)

Fletchkov

This is our situation

I have an inheritence which is currently being dealt with the executors of the will (Solicitors) . I have been able to get half by paying an indemnity insurance as putting it into a high interest account is making me more than the fee I had to pay for the indemnity .

The other half of the inheritence is being held back by the executor as the HMRC are investigating non disclosure of a historical overseas pension which may have to have tax deducted so its holding things up .
This was a late discovery and we were expecting to have had our money by now. I am currently selling my house and adding part of the inheritence to a house I am buying .

The executor has said that I should get the rest of the inheritence by July although if the HMRC drag their heels it could be as late as December , this is unlikely but something I have to keep in mind . According to the Estate agents end June, July is when they anticipate we should move given where everyone is in the chain now .

So in case the money isn’t available I need a shortfall of approx 45-50k to cover me. I don’t want to get a bridging loan in case the HMRC take a lot longer . I need to start the ball rolling as to arranging back up funds.
Do we go for a mortgage (and pay up sooner look for one than doesn’t penalise early repayment ) or try to get a loan ? We paid off our mortgage about 5 years ago with Nationwide , and still have bank accounts with them .

We are in our late 50s early 60s , and income from jobs approx 70k, so hopefully our earnings will be enough .

Any suggestions? Please 😊

Brie

I suspect that interest on a mortgage will be less than on a loan. And a £50k mortgage may be easier to obtain than a loan of the same size. You might start by having an informal discussion with Nationwide to see what they have available.

Then again a loan won't have any upfront fees while a mortgage will. And then you will need to see what early repayment penalties there may be from either of these.

Alternative thought - a couple of credit cards with at least 12 months 0% money transfer? One off low fee upfront, pay off any time you want.

Fletchkov

Thanks for the comment , not sure if I’d be allowed to use a credit card for part of a house purchase but an interesting idea