Private mortgage from a friend

[hoppyfarmer]

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.

So i can see in fairytale land it being quite a good idea - but please don't how awful that would be!

Another no if the bank think you are a bad risk why should a neighbor be different

Hahaha good one!

Is your mother always as generous with other people’s money?

I would laugh someone off my doorstep if they asked me for a loan like this.

You’ve chosen to have four kids and not work- not your neighbours’ problem.

Omg I assumed like other posters that they had offered you this deal and you were considering it... not that you were going to suggest it out of the blue!

How awkward for them for you to ask, argh it makes me feel all hot and bothered thinking about it I think I just blushed like when I put myself in a cringe situation 😂😂😂

I am just that you are even considering this!

Just look at this from your neighbours POV - what happens if you default on payments? They would have to evict you, take you to court, foreclose on the property?

The ONLY possible way I could see this working is that if your relationship is good enough, you explain the situation you are in and you jokingly suggest that they buy the house and rent it to you and you will buy it later. Then see if they have any interest whatsoever in suggesting it as a genuine plan to you. I still doubt they will do it because if you were to default on the rent that would be awkward enough for them to deal with. Defaulting on mortgage would be horrendous! They probably have other investments for any spare cash that give them a return that they consider acceptable without the risk and hassle that your (mad) DM's plan involves! It's unlikely they will have the cash lying around to lend to you anyway!

What makes you think your neighbours would lend you hundreds of thousands of pounds? Why would they even consider that? If they have that much disposable income, then they know how to manage money, and it will be invested. Safely and securely.

Wtf gives neighbours that kind of money ? Are you lifelong friends or something?

Is there a back story here? Because if this is just we all get along well and they are loaded so would hand us loads of money then you're off your rocker.

I’d love to know how you’d even approach this.

“Hi neighbour! After doing a thorough assessment of our full financial situation, our bank (which is fully regulated by the Bank of England) has determined that we’re unable to repay a loan to pay for this house. Good news though, you can lend it to us!!”

Also, I’m pretty sure the Daily Fail cunts are going to pick this one up.
Fuck Off Daily Mail and take your racist readers with you.