Dreamaway 10

The time has come to start seriously thinking about the Government bond of $100,000 to gain the extra 5 points required and are wondering how on earth we are going to get our hands on that sort of cash.
I know lots of people have used the equity tied up in their homes to raise the cash which is exactly what we will need to do.The question is when you approached your lender bank/building society for the extra cash did you tell them what it was for and if so were you turned down or did you lie and say it was for home improvemnts or something and did they check.?
Any advice would be greatly recieved.
Getting worried.Dreamaway

tabby

I tried saying this was for my bond & they turned me down, phone back 4 weeks later & told them it was for double glazing and they agreed to let me have the money no proof was required it was only 20k i needed tho'

Tabby

manxfamily

are you not planning on selling your house then?

We are in the same boat, however not just yet, as our main application has just gone in. We are going to put the house on the market when we receive our medical requests. Hopefully by such time we shall have a buyer.

If we need to move into a rental then so be it. I cant think of another way of raising such an amount of money.

When do you anticipate getting the request?

Dreamaway 10

Hi Tabby
I think we are going to have to have a very large extension to the house.

Dreamaway 10

Yes we do plan on selling.
Our agent reckons we should get a request in about 3 months time or less.

manxfamily

better get the house on the market then. You dont want to have your cash tied up if you want those lovely visas

spalen

Be careful with that plan on selling to fund the bond - thebond is a time-restricted invitation, you are obliged to lodge it in a fixed period from 40 to 70 days ... and they're processing those medical requests quickly these days so you could find yourself stuck our timeline was less than 3 mths to bond request from first lodgin the 47sk ... best to have a backup plan.

Btw - a loft conversion and a conservatory could easily costs 40k£ ~

teach

Hi Dreamaway,
We told ours that we were buying a holiday home but it was on a special deal so we needed the money by 10th Feb at latest (we have to lodge by 18th). Based on my wages alone they have agreed to £36,278, the rest we will get from our savings. We have also requested that the repayments are interest only, this way it only costs us £198 extra a month until we sell. Good luck raising the money.
Sarah

chr1sarter

Sarah,
Like your style. Are u sure your a teacher.

teach

Oh you are just soooo funny, chr1. My dad is in the business and told me what to say, I must have said it well though as they believed me.
Sarah

pompeywill

I would suggest going to the Woolich (Barclays to be precise) and getting an openplan mortgage. They let you borrow up to 90% of your equity and dont even ask what the money is for.
The money just sits in the account and you dont pay a penny until you actually use it. (we had ours for over a year before we used any).
So when our bond is requested the money is there.

chr1sarter

Pompeywill,
What a great idea. best idea's come from portsmouth

Dreamaway 10

Thanks Pompeywill I shall look into that it sounds a good idea.

nickos10

Hi,
we needed the bond money just before our house was sold and we got a personal loan of £20k each.
House has just been sold, money in bank and bank paid back.
borrowed it for 3 months on a have now pay later. It has cost us a bit in interest and paying early redemption fees. But it was worth it. We paid the bond the day it was requested

Nick

manxfamily

Ive had an idea - Its a long shot... ...but it might just work.

There are over 31,000 member on this site. If you can persuade them all to send you a £1 then your well on your way to raising the money!

Sound crazy... but it might just work!