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UKSolicitorJA
UKSolicitorJA, Solicitor
Category: Property Law
Satisfied Customers: 6249
Experience:  English solicitor with over 12 years experience
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What is the best way to raise a £25,000 loan to buy my

Customer Question

what is the best way to raise a £25,000 loan to buy my brother-in-law's flat from him. He will continue to live there and pay us rent according to the repayments on the loan. We have a house worth approx 170,000 with one year left on the mortgage. I am 68 and work parttime, my husband is retired as is my brother-in-law
JA: Where are you? It matters because laws vary by location.
Customer: Morpeth, Northumberland
JA: What steps have you taken so far?
Customer: None - not sure what options to pursue.
JA: Anything else you want the Lawyer to know before I connect you?
Customer: I don't think so
Submitted: 7 days ago.
Category: Property Law
Expert:  Nicola-mod replied 7 days ago.
Hello,

I've been working hard to find a Professional to assist you with your question, but sometimes finding the right Professional can take a little longer than expected.

I wonder whether you're ok with continuing to wait for an answer. If you are, please let me know and I will continue my search. If not, feel free to let me know and I will cancel this question for you.

Thank you!
Nicola
Customer: replied 6 days ago.
Happy to wait. Very grateful for considered advice, thank you
Expert:  UKSolicitorJA replied 6 days ago.

Hello,

You may speak to your current lender and see if they are able to extend the term of your mortgage and lend you the £25,000 which you may repay over a period of time so that your mortgage continues.

 

Alternatively, your bank may be willing to offer you an unsecured loan of £25,000.

 

May I help further?