Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@. Skimlinks & other affiliated links are turned on

Search
  • FIRST POST
    • zoe thornburgh
    • By zoe thornburgh 1st Mar 18, 9:35 AM
    • 1Posts
    • 0Thanks
    zoe thornburgh
    Loan for property purchase
    • #1
    • 1st Mar 18, 9:35 AM
    Loan for property purchase 1st Mar 18 at 9:35 AM
    Dear all
    I need 8K for my flat purchase - otherwise, I am a cash buyer. Please can someone tell me if there are any loans available for property. I can get a mortgage but cannot get it small and short enough for my purposes.
Page 1
    • ZZL
    • By ZZL 1st Mar 18, 10:40 AM
    • 14 Posts
    • 1 Thanks
    ZZL
    • #2
    • 1st Mar 18, 10:40 AM
    • #2
    • 1st Mar 18, 10:40 AM
    Depending on the property price, can you get a mortgage at the minimum amount and then overpay as soon as you complete, to leave you with just the 8k outstanding?

    If not, would a family member take out a loan and "gift" the cash to you to make up the remaining 8k? Of course this would require a lot of trust on their part, so will depend on your relationship largely.
    • charolettepope
    • By charolettepope 6th Mar 18, 12:03 PM
    • 21 Posts
    • 3 Thanks
    charolettepope
    • #3
    • 6th Mar 18, 12:03 PM
    • #3
    • 6th Mar 18, 12:03 PM
    Did you try with any P2P lenders?
    • Helvetica Van Buren
    • By Helvetica Van Buren 6th Mar 18, 12:24 PM
    • 254 Posts
    • 342 Thanks
    Helvetica Van Buren
    • #4
    • 6th Mar 18, 12:24 PM
    • #4
    • 6th Mar 18, 12:24 PM
    Credit card with a 0% money transfer offer? MBNA give big limits on their cards.
    • DCFC79
    • By DCFC79 6th Mar 18, 12:51 PM
    • 31,642 Posts
    • 19,961 Thanks
    DCFC79
    • #5
    • 6th Mar 18, 12:51 PM
    • #5
    • 6th Mar 18, 12:51 PM
    Can you even use a loan for a property purchase ?

    Have you spoken to a mortgage broker ?
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • ZZL
    • By ZZL 6th Mar 18, 4:58 PM
    • 14 Posts
    • 1 Thanks
    ZZL
    • #6
    • 6th Mar 18, 4:58 PM
    • #6
    • 6th Mar 18, 4:58 PM
    Can you even use a loan for a property purchase ?

    Have you spoken to a mortgage broker ?
    Originally posted by DCFC79
    If they borrow the remaining 8k they wouldnt need a mortgage, so best speaking to a solicitor
    • DCFC79
    • By DCFC79 6th Mar 18, 7:16 PM
    • 31,642 Posts
    • 19,961 Thanks
    DCFC79
    • #7
    • 6th Mar 18, 7:16 PM
    • #7
    • 6th Mar 18, 7:16 PM
    If they borrow the remaining 8k they wouldnt need a mortgage, so best speaking to a solicitor
    Originally posted by ZZL
    Yes good point, didnt read the post correctly.
    Can people stop loaning money/being a guarator to family/friends, it rarely ends well and you lose out as your money is gone or you get shafted with being a guarantor.
    • venison
    • By venison 6th Mar 18, 8:53 PM
    • 2,051 Posts
    • 2,196 Thanks
    venison
    • #8
    • 6th Mar 18, 8:53 PM
    • #8
    • 6th Mar 18, 8:53 PM
    Would the seller accept a lower offer?
    Ex Board Guide
    • Xbigman
    • By Xbigman 6th Mar 18, 11:12 PM
    • 3,095 Posts
    • 1,339 Thanks
    Xbigman
    • #9
    • 6th Mar 18, 11:12 PM
    • #9
    • 6th Mar 18, 11:12 PM
    I wanted to borrow some money from Lloyds for a share purchase. The application form don't include that option so I simply chose 'other' as the reason. It went through with no further questions (I bank with Lloyds).
    Look at some online application forms and find one with 'other' as a reason for the loan. You can get to the stage of filling out the application and simply not complete the application if its not there.



    Darren
    Xbigman's guide to a happy life.

    Eat properly
    Sleep properly
    Save some money
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

5Posts Today

3,976Users online

Martin's Twitter
  • It's the start of mini MSE's half term. In order to be the best daddy possible, Im stopping work and going off line? https://t.co/kwjvtd75YU

  • RT @shellsince1982: @MartinSLewis thanx to your email I have just saved myself £222 by taking a SIM only deal for £7.50 a month and keeping?

  • Today's Friday twitter poll: An important question, building on yesterday's important discussions: Which is the best bit of the pizza...

  • Follow Martin