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Original poster

Private mortgage from a friend

60 replies

hoppyfarmer · 13/03/2019 14:22

Hi ladies,
We rent our house but our tenancy is up in a few months and the house will be put on the market. We can't borrow enough to buy the house because I've stopped work to look after our children who are from age 4 to newborn. The bank don't care that my husband has managed to pay rent for 10 years and an independent broker still couldn't get us enough.
We do a lot for our multi millionaire neighbours when they're abroad and my mum has suggested we ask them if they'd lend us the money for maybe 5 years and we pay them some interest on it until I go back to work and we remortgage to pay them back. I don't think they'd say no straight away and would consider it. I also think that they'd like to help us if they can and that they have an interest in keeping us as neighbours as they're away for months at a time. The question I have is how on earth do I go about asking? Do I drop them a letter initially with the general idea and saying we'd sit down and talk if they're interested? I don't want to bump into them and say "morning, nice day, don't suppose you want to lend us a few hundred thousand pounds do you?" Any constructive suggestions welcome please.

OP posts:
SymphonyofShadows · 13/03/2019 14:24

You don’t. It sounds like a massive imposition.

OrlandoTheMarmaladeCat · 13/03/2019 14:27

Way too cheeky I'm afraid.

Easterbunnyiscomingsoon · 13/03/2019 14:28

Sorry but your dm is a cf.

Tractortod · 13/03/2019 14:28

This is CRAZY! Don't do this. Be like everyone else and save yourself.

TheVanguardSix · 13/03/2019 14:29

Oh heavens above no. Don't do it. Your mum tho! Confused
That would be bold as brass.

eurochick · 13/03/2019 14:30

This is a sure fire way to ruin the relationship. You can't ask someone to borrow hundreds of thousands! It's a huge imposition.

Burlea · 13/03/2019 14:30

NO NO NO

Hoppinggreen · 13/03/2019 14:30

No, you really can’t do that

LorelaiRoryEmily · 13/03/2019 14:31

Good God you can’t do that! That is an outrageous suggestion. Your mother must be very cheeky. Do what the rest of us do and save the money yourself.

Fattymcfaterson · 13/03/2019 14:32

I actually dont know what to say.

pallisers · 13/03/2019 14:33

I would probably put it in a letter.

I know someone who did this. They have plenty of money and a guy who did some work for them was having difficulty getting a mortgage. They knew him and knew he would repay it. They lent him the amount with proper drawn up documents and an interest rate. They were very pleased with the return they got on their money.

GlitterPixie · 13/03/2019 14:33

That’s a crazy idea Hmm

ChariotsofFish · 13/03/2019 14:34

I cannot believe your DM proposed this. It’s an incredible level of cheek. The most you can do is mention that you’re going to have to move because you can’t get a mortgage and hope they propose lending you the money. Which they won’t, because it’s a crazy plan.

Ginnymweasley · 13/03/2019 14:34

It's rather cheeky isn't it. But I suppose it depends on the relationship you have with these people. I wouldn't have the guts to ask but you know them so can maybe guess their reaction better.
If they do agree then it needs to be probably drawn up in writing so both parties are protected.

calpop · 13/03/2019 14:34

That sounds like a very,very bad idea. I doubt they actually have 100s of thousands of pounds sitting unused in an account anyway, despite appearances. Even if they did they might not want to use it to invest in property without ever being able to profit from it.

Knittedfairies · 13/03/2019 14:35

No. It puts the neighbours in a horrible position, and you - when they say no.

Easterbunnyiscomingsoon · 13/03/2019 14:35

Does your friend like dogs?
I am expecting a big vet bill -maybe she would like to pay?

SileneOliveira · 13/03/2019 14:35

This is absolutely nuts. Nuts of your mother to suggest it. Nuts for you thinking it was a decent idea.

NChangeitup1 · 13/03/2019 14:35

Absolutely no way! Whilst saving for our mortgage I fantasised about a celeb or someone rich giving us the extra 10k we needed for a deposit. Wouldn't in a million years even think about asking someone for that let alone the full amount.

HeavyLocks · 13/03/2019 14:37

Are you friends as well as neighbours?

LividLaughLove · 13/03/2019 14:38

You really really can’t ask them.

BrieAndChilli · 13/03/2019 14:38

if they had been the ones to come to you and suggest this i would say maybe consider it BUT money always changes relationships, what if your DH was made redundant and you couldnt keep up repayments etc?

But to go to someone who isnt family and ask for a massive loan is total cheeky fuckery no matter how much money you percieve them to have.

Crimebustersofthesea · 13/03/2019 14:43

You can't do that! What if husband loses his job and you can't pay them back? Or the housing market crashes and the property loses half of its value? You'd be incredibly cheeky to ask and they'd be insane to even consider it.

Lauren83 · 13/03/2019 14:50

Please do not do this, you can't just ask someone for that amount of money because they are wealthy. I'm shocked you even think this could be a good idea, I wouldn't even ask close family never mind neighbours.

YepImafraidImgivingmyopinion · 13/03/2019 14:58

Oh Jesus....how rude.

'Random neighbours/not close friends or family- please can I borrow hundreds of thousands of pounds, thanks!'

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