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DrPhilG
Guest
I will be borrowing approximately €35,000 shortly to pay for wedding, honeymoon and some home improvements.
Firstly, I have calculated that I will be able to pay off the full amount within about a year, year and a half for reasons that will become clear later, so please don't give me a lecture about borrowing money etc. I've had it all before on these forums. I appreciate genuine concern about silly borrowing but some people are just plain rude.
The reasons I expect to pay it off early are 1, I have 200 guests coming to the wedding and we have asked for cash as gifts as we have everything we need. Even at €50 a head, (and most weddings I've been to lately, €100 a head was the norm) we'd bring in roughly €10,000 in gifts. Secondly I am also expecting an inheritance to clear some time soon which will give me about €10,000 cash, maybe a little more. Therefore I will be well able to pay off the loan.
Now on to the main question, I would obviosuly assume that the bank would want some security on this size of a loan. I've heard it said by others here that even if the inheritance hasn't cleared yet, the bank should accept a solicitor's letter as security, provided it states the size of the inheritance and roughly how long it should take to be processed.
The inheritance gives me a 50 acre farm as well as the cash amount so it should easily be OK for security on a €35k loan. Agricultural relief should take care of any big nasty tax bills.
Has anyone had experience of this, and if so, what exactly do I need? A copy of the will, or a solicitor's letter. If I need the letter, what exactly do I need them to state on it and how long do solicitors usually take to do it.
Firstly, I have calculated that I will be able to pay off the full amount within about a year, year and a half for reasons that will become clear later, so please don't give me a lecture about borrowing money etc. I've had it all before on these forums. I appreciate genuine concern about silly borrowing but some people are just plain rude.
The reasons I expect to pay it off early are 1, I have 200 guests coming to the wedding and we have asked for cash as gifts as we have everything we need. Even at €50 a head, (and most weddings I've been to lately, €100 a head was the norm) we'd bring in roughly €10,000 in gifts. Secondly I am also expecting an inheritance to clear some time soon which will give me about €10,000 cash, maybe a little more. Therefore I will be well able to pay off the loan.
Now on to the main question, I would obviosuly assume that the bank would want some security on this size of a loan. I've heard it said by others here that even if the inheritance hasn't cleared yet, the bank should accept a solicitor's letter as security, provided it states the size of the inheritance and roughly how long it should take to be processed.
The inheritance gives me a 50 acre farm as well as the cash amount so it should easily be OK for security on a €35k loan. Agricultural relief should take care of any big nasty tax bills.
Has anyone had experience of this, and if so, what exactly do I need? A copy of the will, or a solicitor's letter. If I need the letter, what exactly do I need them to state on it and how long do solicitors usually take to do it.