I own my property outright but want to get a loan against it

Martyn27q · 8 July 2017 at 9:25PM

Helllo all,

Not sure if this is in the right place but if it's not can someone move it to the right place thank you.

So my question is this I own my home outright mortgage has been paid off in full I want to get a secured loan of around £20,000 my property is valued at £100,000 I'm retired but getting more than enough money to pay the loan. But I can't find any company's that offer these loans anymore, does anyone know of them or is my only option a broker ?

If anyone wanted to know I'm using the money to buy a new conservatory as mine has rotted and leaking.

Kind regards

Martyn

Nearlyold · 8 July 2017 at 9:35PM

Have you approached your bank?

PasturesNew · 8 July 2017 at 9:41PM

Who will inherit your house? Could they take out a personal loan and give it to you to buy the conservatory as the odds are they'll get it one day anyway.... if there were 2-3 of them it'd not be a lot.

You could repay them their loan amounts each month.

Worth looking into and tossing the sums into the mix.

Martyn27q · 9 July 2017 at 8:17AM

Hello banks don't seem to do secured loans anymore and I was looking at a remortgage but you need a mortgage to do that.

The problem with doing it that was is I have 6 children and only 3 of them have good credit but non are willing to help and there saving for mortgages them selfs and applying for credit will hinder that chances

Nearlyold · 9 July 2017 at 8:37AM

https://www.moneysupermarket.com/loans/secured-loans/

dresdendave · 9 July 2017 at 9:55AM

PasturesNew wrote: »

Who will inherit your house? Could they take out a personal loan and give it to you to buy the conservatory as the odds are they'll get it one day anyway.... if there were 2-3 of them it'd not be a lot.

You could repay them their loan amounts each month.

Worth looking into and tossing the sums into the mix.

Wouldn't this get complicated if the homeowner required long term residential care, paid for by the sale of their house?

chesky · 9 July 2017 at 11:02AM

What have you got against using a broker?

Martyn27q · 9 July 2017 at 1:19PM

I haven't got a problem with brokers I'm just not sure who are reputable and not gonna charge me through the nose for using them.

Also most secured loans on msm want you to still have a mortgage which I don't get.

chesky · 9 July 2017 at 4:14PM

If you have a regular income, why don't you get a mortgage through a broker?

Martyn27q · 9 July 2017 at 5:37PM

Can you get another mortgage on a house you own a 100% on ? I have a regular state and private pension coming in

Herzlos · 9 July 2017 at 10:23PM

Martyn27q wrote: »

Can you get another mortgage on a house you own a 100% on ? I have a regular state and private pension coming in

Isn't that just a mortgage?

You should be able to get unsecured loans of up to £25k anyway.

Most mortgage brokers get some money from the mortgage provider, so you shouldn't need to worry about getting ripped off.

Go talk to your bank first and see what they can offer.

I own my property outright but want to get a loan against it

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