The best way to borrow £30000

Simon_Pugsley

Hi All,

Me and my brother bought a house 4 years ago for £172000. At the time my brother put £30000 of his own money into the house.

Well the time has come for him to move out, and me and my girlfriend are going to take over the mortgage (transfer the equity), the house is now worth £182500. That all said i borrowed £6000 on top of the motgage to buy my brothers share of the equity from the house.

My problem is this, I need to find £30000 to give my brother his deposit back, i figure that these are my options.

1. Secured Loan on the house
2. Pesonal Loan for me and my girlfriend
3. 0% credit cards
4. A further loan on top of the mortgage
5. A mix of all of the above

The Alliance and Leiceister said they can lend us a further £10000 on top of the mortgage. My credit according to experian is 999 which was a nice surprise, my girlfriend must have very good credit as she is always getting letters from her bank saying "We have looked at your account, and we can offer you a £20000 personal loan". We have 2 credit cards between us totalling £7300, they are on 0% unitl next summer.

Our combined earnings are £44000 a year, and at present our mortgage payments are £900 a month, and we are managing to pay off £500 a month on credit cards.

How much can two people expect to be able to borrow on 0% credit cards?


What is the best solution do you all think for me and my girlfriend?.

Be nice im a virgin poster.....

Simon

Simon_Pugsley

I should of also mentioned that the oustanding amount on the mortgage including the additional £6000 is £142000.

Thanks

bethanyrayne

Simon_Pugsley wrote: »

I should of also mentioned that the oustanding amount on the mortgage including the additional £6000 is £142000.

Thanks

A loan on top of the mortgage should be the cheapest way but it does depend on how fast you want or can repay the 6000.

jonesMUFCforever

Is there any formal agreement between you which states what would happen in the event of one of you wanting out?

If not then pay your brother a monthly amount by standing order until you have repaid him - an MSE interest free bit of advice!

In this current market you don't want to really extend your debt too much - it is my opinion that interest rates are on the way up - what look affordable now could mean big trouble to you 12-18 months down the line.