Raising funds / apartment as collateral

D

deco87

Registered User
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Just have 120.000 to buy an apartment for 130.000.
Separating, problem is partner has the credit history as loans etc were taken in their name.
Have been in credit union for a while but not a lot in it ...
Fairly infrequently saver.

What's my best option for 20 k over longest period ,trying to avoid mortgage. 22 k year , permanent job.
Thks
 
Out of interest why are you ruling out a mortgage? It would offer you the longest possible term, at the lowest possible interest rate and you have enough to put down a large deposit to keep the bank happy?
 
See if you credit union offer secured loans.
Or failing that, if one of the banks will.
Rate won't be as low as a mortgage, but by giving them a legal charge over property it'll be less than a standard loan.
You will have to pay the legal costs, but shouldn't be much when being done as part of purchase.

Even though you're not looking for much, a bank can only lend what you can afford to repay, so they will have to assess affordability in a similar way that they would with a mortgage.
 
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