Hi there,
Complete n00b so apologies if I'm posting in the wrong place, or asking ridiculous questions. I've done my own research, both on here and on individual bank websites, and can't seem to find any joy.
Unfortunately I recently lost a close family member. I wish to put the money left to me (10,000) to good use (high yield return on spare bedroom and doesn't fritter away in current account...). I am a young adult who has previously only rented property, however, there is a flat for sale in my area (and Home Value Report-ed at) for 10,000. It needs around 5,000 of capital for necessary repairs. I have enough savings in my account now for around 40% deposit.
I was just wondering if anybody knew of any (probably obscure) set-ups by which I could borrow some money with which to buy the property, as the cash will not be released for some months. I know the answer is probably a no, but thought I'd give it a shot. (I also think it might be better to wait for the cash to be released and buy in cash and do it up with any savings/take out small loan, but this property was one I specifically liked and the price is almost unheard of, too!)
Sorry for massive ramble, and thanks in advance.
John.
Complete n00b so apologies if I'm posting in the wrong place, or asking ridiculous questions. I've done my own research, both on here and on individual bank websites, and can't seem to find any joy.
Unfortunately I recently lost a close family member. I wish to put the money left to me (10,000) to good use (high yield return on spare bedroom and doesn't fritter away in current account...). I am a young adult who has previously only rented property, however, there is a flat for sale in my area (and Home Value Report-ed at) for 10,000. It needs around 5,000 of capital for necessary repairs. I have enough savings in my account now for around 40% deposit.
I was just wondering if anybody knew of any (probably obscure) set-ups by which I could borrow some money with which to buy the property, as the cash will not be released for some months. I know the answer is probably a no, but thought I'd give it a shot. (I also think it might be better to wait for the cash to be released and buy in cash and do it up with any savings/take out small loan, but this property was one I specifically liked and the price is almost unheard of, too!)
Sorry for massive ramble, and thanks in advance.
John.