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Does anyone know where I could borrow £70k short term to use as a deposit until the sale of my own property goes through?

19
Found 5th Feb 2015
This message is out of desperation to try and find a solution to my quite common situation.

I am a home buyer who is in the process of selling a shared ownership property and have put an offer on another property in London. I am in love with the house I wan to buy but the woman who is selling has had two sales fall through and is weary of selling to someone who is still in a chain, especially because she is also in the process of buying another property.

I am confident the sale of my property will go through in about 8 weeks time but that may be too late for the seller of the house I wish to buy as she has had offers from people who are not in a chain. It would be in her best interest to accept their offers but that would break my heart.

I desperately need to borrow £70,000 that I can put down as a deposit until the sale of my property goes through. The seller is making her final decision on Monday and I am trying to find a miracle solution that would enable me to not rely on my chain so that I could provide reassurances to her that I could buy her property and wouldn't hold up her own purchase.

I am appealing to all of you to see if you can come up with any idea, however farfetched, that would help me in this situation.

I am not asking for a handout. I have every intention of paying back the amount I would borrow.

What can I do???? Help me, please!!!!!!

p.s. I would even appreciate any moral support, right now!
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19 Comments
£70k loan? 0 chance, honestly just sit though it. you might find a better house or the woman wont sell her house that quickly.
try googling bridging finance. it is the sort of short finance that people take out to buy auction properties where they have to pay the full amount within 30 days. you pay this back once you have the property and can get a standard mortgage.

it may work in your circumstance. you could certainly call lenders who offer bridging finance and see what they say or they may be able to advise you who to approach.
And what if yours doesn't complete in 8 weeks. How many credit cards do you have, not a cheap way but if it's only 2 months. It's maybe not mean't to be. Another house will come along and you'll fall in love with that too.
What percentage us the 70k? Seems high...
Original Poster
Thank you all for your responses. They have all been useful.

I will check the bridging loans (although I think that due to their nature, they will end up being more than I can afford in the end

And thanks to everyone telling me to just sit through it. I know that is what I should do but I am to stubborn because I don't fall in love with much.
bridging loans wud be best bet but I wudnt take the chance the sellers can back out anytime as I have found out many a time and others
i buy and sell property all the time. i can tell u 1 thing from years of experience is that doesnt matter how much u love a property theres always another waiting around. i have fallen in lots of properties when looking through and tried all routes trying to get them at times but have realised through the years that if its no meant to be then u cant really do anything but if u keep looking u will actually find another property on which your heart will set to as there is 1000,s of properties coming on the market every month.
You need to talk to your bank. Either they will lend you £70K because they judge it all to be a reasonable risk - or they will not because of the opposite. Bridging loans are expensive - take care about whether the loan is secured on your existing property. If your bank will not take the risk - sure try a second opinion if you want but they are likely to be more expensive if they say yes. Oh! and of course during this process your existing lender in this shared ownership will need to be kept informed - they may even be a source for your bridging finance. Should you lose out on the property of your dreams for whatever reason - do start taking into account you will likely be in the same boat the next time you find a suitable property.
Called a "bridging loan " very common , your bank should be able to help . Thousands of these loans are required every day - wont be a problem if its as you say .
Edited by: "rogparki" 5th Feb 2015
Banned
Think good not silly.
how an earth are you going to pay 2 mortgages.
lenders ask that first!
Secondly tell the seller you want it, so may be pay a £3000 deposit through your solicitors or something.
I wouldn't mind that, I'd give the buyer 4 months too lol
Original Poster
The problem is that I think my seller's seller doesn't want to enter into a chain. Because she has been burned twice already, she cannot take the risk of being burned again and losing the property of her choice. I can't really blame her as I'd be nervous too. But it doesn't make me want that house any less.
shygirl1977

The problem is that I think my seller's seller doesn't want to enter into … The problem is that I think my seller's seller doesn't want to enter into a chain. Because she has been burned twice already, she cannot take the risk of being burned again and losing the property of her choice. I can't really blame her as I'd be nervous too. But it doesn't make me want that house any less.


Thats the problem with chains or sale as nothing is definite till near the end. All you can do is explain the situation to the seller and hope they understand otherwise u may just have to let it go. There is no guarantee if a purchase with no chain is a guaranteed sale as people change there mind all the time and even your sale can fall through. I dont think there is a quick solution for you here without taking alot of risk.
Original Poster

I think you're right, kash2013. I think I just have to let it go in this case. I wanted that house so badly though. I know that I won't find the same again. Part of me is hoping that the sale falls through for the seller with the other buyer but she has had such a run of bad luck with buyers that I really want her to have a successful transaction this time.

I guess I will just have to mourn my loss and move on.

kash2013

Thats the problem with chains or sale as nothing is definite till near … Thats the problem with chains or sale as nothing is definite till near the end. All you can do is explain the situation to the seller and hope they understand otherwise u may just have to let it go. There is no guarantee if a purchase with no chain is a guaranteed sale as people change there mind all the time and even your sale can fall through. I dont think there is a quick solution for you here without taking alot of risk.


kash2013

Thats the problem with chains or sale as nothing is definite till near … Thats the problem with chains or sale as nothing is definite till near the end. All you can do is explain the situation to the seller and hope they understand otherwise u may just have to let it go. There is no guarantee if a purchase with no chain is a guaranteed sale as people change there mind all the time and even your sale can fall through. I dont think there is a quick solution for you here without taking alot of risk.



The sellers seller will be further up the chain and so a more expensive property. She is being unrealistic as most if not all potential buyers will therefore be in a chain. Maybe the penny will drop and she will realise she will have to be patient and join a chain again if she wants to sell so don't give up hope yet.
Why have two sales fallen through, knowing the womans luck the third will as well.

youtube.com/wat…rrc
Original Poster
allowed

Why have two sales fallen through, knowing the womans luck the third will … Why have two sales fallen through, knowing the womans luck the third will as well.https://www.youtube.com/watch?v=xZbKHDPPrrc



I can only hope so!
Original Poster
tallpete33

The sellers seller will be further up the chain and so a more expensive … The sellers seller will be further up the chain and so a more expensive property. She is being unrealistic as most if not all potential buyers will therefore be in a chain. Maybe the penny will drop and she will realise she will have to be patient and join a chain again if she wants to sell so don't give up hope yet.



I live in hope, tallpete33!

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