Hi again!!

Because you are not a homeowner (I understood that you don't own the house at the moment), no one will lend you that amount of money. You could get a loan of maximum 5k. You could try to ask for one and your partner could do the same from a different bank. You have to tell them the purpose of the loan, but I believe you could find something suitable(car, furniture). It will involve early repayment charges if you repay early, so read very carefully the terms before you sign on the dotted line and if possible try to choose a loan with a minimum of them.

As I said before your parents and you should seek legal advice. Bad thinks could happen if you split with your partner and the last think you want is to sell your parents house to repay his equity.

Good luck !!

Eugene

Hi Eugene,

I think I understand what you are saying (your written English is quite terrible) but I want to get the loan, my parents do not wish to get the loan. They are both over 70 and do not need further money hassles. I have virtually no money hassles therefore it would be easier for me to get the loan.

When we go to their mortgage broker to re-mortgage the house then all will be passed to me so they will no longer have any big hassles anymore. This has already been sorted out. I am not asking for mortage advice. I was only asking about the short term loan but your answer has not really helped.

Thank you for your good advice anyway.

Hi

Your parents should ask their mortgage lender for a further advance if it is enough equity in the property. You could act as a guarantor. Read very carefully early repayment charges. After the finishing touches .... go to a broker and remortgage the property. Your parents and you should look for legal advice before doing the deads. You should be aware that you could split with your partner and the last think you want is a forced sale to repay his equity. You could fell off with your parents as well.

Good luck.

Eugene

My partner & I currently rent our house but cannot afford to buy a house but my parents have offered for us to move in with them and be added to the deeds of their house. What a wonderful offer, and marvellous start in life for my partner & me. With the small amount of money we could afford to borrow (using our current rent as a monthly repayment calculator) we want to improve my parents' house and we have just heard that the planning permission will probably go through. With all 4 of us on the deeds to the house we feel we will have no problem getting a 'home improvement loan' or remortgage when we need the bulk of the cash for the improvments.

We now need some working capital to pay the fees, the architect and to start some of the smaller works and redecoration ourselves before my partner, my parents and I go to the mortgage adviser and broker a deal for the big cash. I am thinking of borrowing around £12,000-£15,000 to cover some other debts (if I consolidate the other two that I currently pay £250 a month for, this would release this monthly amount to help cover the new loan) as well as leave us plenty to have in reserve for materials and expenses etc. The question I want answered is: Do I:

1. Go for a special, short term deal, letting the lender know I will be paying back the loan when the larger loan comes through - but would I be able to afford this, as I will only have around £250 or so spare a month.

2. Get a loan rate I can afford, try to get a good deal with minimum fees for early repayment.

3. Try to get something that gives me a payment holiday to start with incase I can get away with no monthly repayments at all and just pay back the whole amount within the first few months (I think I would need about 4-6months though.)

Do you know if there is anything out there that would be most suitable for me? I am not currently a home owner so it would need to be unsecured. I am self-employed and have no auditted accounts (I am a bookkeeper so I have got accounts!!) Or should I get my parents (also self-employed without auditted accounts) to get the loan in their name, secured on the house, repayed from my bank account? There are just too many choices and I have no idea which would be best.

What do you think?