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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:
AdoraBell · 13/03/2019 15:03

No.

Tell them you will probably need to move because of the mortgage issue, it’s been lovely knowing them etc, maybe we’ll keep in touch.

If they offer to lend you money then talk it through with them and draw up proper legal paperwork to make it all clear, but don’t ask them.

Whatnotea · 13/03/2019 15:03

When you next see them tell them you have been given notice on your flat as it is being put up for sale and you are not in a position to buy.

Give them time to mull over.

Would they consider buying the flat as an investment & you paying them rent????

Gazelda · 13/03/2019 15:08

Yikes, I'm cringing at the thought of you asking them.
They may appear wealthy, maybe their assets are tied up?
Do they have DC that would create Merry hell if they heard of this arrangement?
What if they died or needed the money before you were able to repay it?

shiningstar2 · 13/03/2019 15:27

Of course you can't ask neighbours to lend you such a sum of money. It would be a massive ask from parents ...but neighbours...no way ...whatever you do for them.

HollowTalk · 13/03/2019 15:29

Oh come on, I really want the OP to do this.

Do it face to face and film their response, please. It'll go viral.

pelirocco123 · 13/03/2019 15:35

I agree with the others saying dont ask them , but I do feel the posters who are telling you to save , are slightly out of touch with real life , it is pretty difficult to save , if you only have one income , small children and are paying rent

ColeHawlins · 13/03/2019 15:37

Joke thread?

ChicCroissant · 13/03/2019 15:37

Hmm this can't be real Hmm

DianaBlythe · 13/03/2019 15:43

I presumed from the thread title that they had offered suggested it. But they haven’t! Shock

I just don’t think you can ask. You can say you’re moving and can’t get a mortgage, have a little whinge about the fact you’ve always managed to pay the rent and so you think you could afford the mortgage payments. Maybe even if they know any off the beaten track mortgage lenders. But no, you can’t just ask this of neighbours. I don’t think I’d even ask my mum and dad out of nowhere!

TheCanyon · 13/03/2019 16:56

This is brilliant, best thread i've read in ages

Whatsnewpussyhat · 13/03/2019 17:04

Just fucking move and rent elsewhere.

Although I am curious of your rental costs and house if you live next door to a multi millionare.

Numptysod · 13/03/2019 20:37

WTF Biscuit

MaybeitsMaybelline · 13/03/2019 21:54

I suspect this is very real.

some of our best friends are pretty well off and live in a very nice house on a large plot of land. You would be amazed how many times they get asked for money from relatives, work associates and aquaintences..

The best was from the guy that delivers their takeaway. He wanted money and a job from our friend so he could get legal advice and sponsorship to support his visa application.

Quite unbelievable but 100% true.

Seriously you cannot do this. Your neighbours will be hugely offended and possibly quite cross that they are being seen as a charity and you are being such CFs. I am cringing.

RomanyQueen1 · 13/03/2019 22:12

I've no idea why they'd say yes, or be willing to take the risk.
Your dm sounds batty. Grin
I guess it's one way to alienate your neighbours who would be so embarrassed for you.
Find something within your means, neighbours are not responsible for paying your mortgage.
How do you live next to millionnaires the rent must be extortionate.

user1471426142 · 13/03/2019 22:23

This is insane. Why on earth would you think it would be appropriate to ask to borrow mortgage level money from a neighbour and why do you think they’d be willing to do it? You see so many threads where relationships between families breakdown over small loans. You’d have to be mad to lend a neighbour hundreds of thousands of pounds, especially if the bank is unwilling.

anniehm · 13/03/2019 22:37

No don't ask but you could say matter of fact that the house is being put on the market and you wish you could get a mortgage for it but the bank won't lend enough. If they came back to you and suggested it that's different

Highlandspring1991 · 13/03/2019 22:58

Omg how f’ing cheeky!!! Me and DH are in debt but manage to get by. I have millionaire aunties and uncles who I wouldn’t dare ask to even lend me a thousand £ to help us out let alone a few hundred. Do not do it!

blue25 · 13/03/2019 23:02

That's so cheeky. You're responsible for your own life. If buying a house is that important to you, go back to work and save like everyone else does!

VimFuego101 · 13/03/2019 23:09

Jesus what a pair of CFs! You made a choice to have children and be a stay at home parent, of course that will impact on the maximum mortgage you can get.

sansou · 14/03/2019 08:10

If your DM were in a position & willing to act as a guarantor, I would go down that route first. Maybe your DM should consider this if she wants to be helpful and put her money where her mouth is! Especially if she is mortgage free, then she has an asset/collateral to be of assistance.

Flowersintheatticconversion · 14/03/2019 18:38

Wow, I can’t believe what I just read.
Cheekyfuckery alive and well in the hoppyfarmer household.

Flowersintheatticconversion · 14/03/2019 18:39

Why don’t you ask your mum to do your childcare and go back to work?

gauntletthrown · 14/03/2019 19:29

Go back to work like the rest of us do!

mollibu · 14/03/2019 19:57

A big no no no!!

Honestly, do not ask them for the money. Totally inappropriate to ask them IMO. My neighbour does stuff for me when I'm on holiday - doesn't mean I'm willing to lend her a few hundred thousand.

Crazy idea.

Brahumbug · 15/03/2019 16:52

I am going to go against the flow and say it might work. Put it as a business proposition, paying a commercial rate of interest with them having a charge on the property to secure their loan. You will have to do better than ' a bit of interest' though.

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