Inheritance and secured loans

[JT1994]

Inheritance due to come through in a few months, May need a sum of it before it is released by solicitors - have paid off mortgage of home which is worth £400k - would I be able to borrow 70-90k on the house as a secured loan and pay this loan off within 6 months?

Is that a bridging loan?

No idea about borrowing against an expected inheritance, but might it be simpler and cheaper to borrow against your own property?

Use Moneysupermarket to find a mortgage with no fees or tie ins that allows full repayment whenever you like and you can pay it off when the inheritance comes through. If it's even possible, I would have thought that borrowing against the inheritance would incur legal costs and be at a higher interest rate, although I may be wrong.

@BarbaraofSeville

No idea about borrowing against an expected inheritance, but might it be simpler and cheaper to borrow against your own property?

Use Moneysupermarket to find a mortgage with no fees or tie ins that allows full repayment whenever you like and you can pay it off when the inheritance comes through. If it's even possible, I would have thought that borrowing against the inheritance would incur legal costs and be at a higher interest rate, although I may be wrong.

This is what I meant, I don’t know anything about borrowing against inheritance either. Was wondering if it was possible to get a loan for a shorter time against the property

I took out a £30,000 bridging loan when I moved house before I sold my existing property. It was for 3 months and I think was secured against one of the properties. No idea what the fees were.

I’ve got a mortgage with Coventry Building Society with no early repayment penalty at 1.99 % I thought bridging loans had high fees?

Was wondering if it was possible to get a loan for a shorter time against the property

But I was asking if it was possible for you to take a loan out on your own home instead. It is likely to be cheaper and legally less complicated. The product suggested by FAQ looks Ideal.

@BarbaraofSeville I think the OP means a loan secured against her own home

Mortgages are not designed for the ultra short term. You will have solicitors fees and most likely valuation, survey and exit fees.

Having said that, if you don’t have any fixed period and no early repayment charges, I don’t see what’s stopping you from paying it off in a shorter timeframe. Overall, you may not be saving when compared to bridging.

Banks will also want to know the purpose of the loan.