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Loan/financial advice needed.



hopkins

Banned
Nov 6, 2003
1,189
Brighton
Ill just give a few basics :

Mortgage paid off
Trying to sell a flat so money will hopefully come in within the year
I have low paid job and business we have is breaking even but expected to make profits next year. Need about £10,000 to get by until flat is sold but struggling to get a loan and shortest mortgage is 5 years ! What's the best option ? I presume its loan against the properties ? I'm no good with money and there must be somebody who knows on here . Thanks in advance.
 


Springal

Well-known member
Feb 12, 2005
23,711
GOSBTS
I'm by no means an expert, but loan maybe the best bet, especially if they allow early repayment for no/low penalty.

Failing that and depending on your circumstances, my credit card company (MBNA) keep offering me 0% on money transfer (i.e charges goes on credit card, but cash in your bank) for 12 months, and a one off 4.5% charge, which would be extremely attractive to me if I was in that situation.
 


Uncle Spielberg

Well-known member
NSC Patreon
Jul 6, 2003
42,781
Lancing
Try Lloyds they have a low limit on mortgages. Most have a £ 25k minimum.
 


Vegas Seagull

New member
Jul 10, 2009
7,782
Don't be concerned about 5 year shortest mortgage time, you may think you need it for 12 months but this COULD turn out to be 18m or 24m.
You can early settle before the 5 year term is up whenever you feel comfortable & any redemption fee would be worth paying given the peace of mind & flexibility the 5 year term provided you.
 






CheeseRolls

Well-known member
NSC Patreon
Jan 27, 2009
5,922
Shoreham Beach
Ill just give a few basics :

Mortgage paid off
Trying to sell a flat so money will hopefully come in within the year
I have low paid job and business we have is breaking even but expected to make profits next year. Need about £10,000 to get by until flat is sold but struggling to get a loan and shortest mortgage is 5 years ! What's the best option ? I presume its loan against the properties ? I'm no good with money and there must be somebody who knows on here . Thanks in advance.

A massive contradiction, by modern standards. Don't be so hard on yourself.
 


surrey jim

Not in Surrey
Aug 2, 2005
18,085
Bevendean
Failing that and depending on your circumstances, my credit card company (MBNA) keep offering me 0% on money transfer (i.e charges goes on credit card, but cash in your bank) for 12 months, and a one off 4.5% charge, which would be extremely attractive to me if I was in that situation.

Was going to suggest the same,
 


Bry Nylon

Test your smoke alarm
Helpful Moderator
Jul 21, 2003
19,781
Playing snooker
Invest in PIPEX

PM Beach Hut for all the details.
 














Bold Seagull

strong and stable with me, or...
Mar 18, 2010
29,719
Hove
Ill just give a few basics :

Mortgage paid off
Trying to sell a flat so money will hopefully come in within the year
I have low paid job and business we have is breaking even but expected to make profits next year. Need about £10,000 to get by until flat is sold but struggling to get a loan and shortest mortgage is 5 years ! What's the best option ? I presume its loan against the properties ? I'm no good with money and there must be somebody who knows on here . Thanks in advance.

Now I'm no financial expert, but wouldn't a mortgage offer you excellent value?

With a small mortgage secured against a paid for property, you're probably going to get a great deal, maybe even around 1.5%. Get one with a low fee, and you could stick it straight into a savings account, some of which return 2% or so, or fill up your ISA allocation, then draw from that when you need it.



Seems a cheap way of keeping a load of capital handy.
 


JetsetJimbo

Well-known member
Jun 13, 2011
939
Here's my serious, considered financial advice: don't ask for financial advice on a football forum.
 



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