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  • FIRST POST
    • Martyn27q
    • By Martyn27q 8th Jul 17, 9:25 PM
    • 4Posts
    • 0Thanks
    Martyn27q
    I own my property outright but want to get a loan against it
    • #1
    • 8th Jul 17, 9:25 PM
    I own my property outright but want to get a loan against it 8th Jul 17 at 9:25 PM
    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
Page 1
    • Nearlyold
    • By Nearlyold 8th Jul 17, 9:35 PM
    • 908 Posts
    • 742 Thanks
    Nearlyold
    • #2
    • 8th Jul 17, 9:35 PM
    • #2
    • 8th Jul 17, 9:35 PM
    Have you approached your bank?
    • PasturesNew
    • By PasturesNew 8th Jul 17, 9:41 PM
    • 59,612 Posts
    • 348,172 Thanks
    PasturesNew
    • #3
    • 8th Jul 17, 9:41 PM
    • #3
    • 8th Jul 17, 9:41 PM
    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
    • By Martyn27q 9th Jul 17, 8:17 AM
    • 4 Posts
    • 0 Thanks
    Martyn27q
    • #4
    • 9th Jul 17, 8:17 AM
    • #4
    • 9th Jul 17, 8:17 AM
    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
    • By Nearlyold 9th Jul 17, 8:37 AM
    • 908 Posts
    • 742 Thanks
    Nearlyold
    • #5
    • 9th Jul 17, 8:37 AM
    • #5
    • 9th Jul 17, 8:37 AM
    https://www.moneysupermarket.com/loans/secured-loans/
    • dresdendave
    • By dresdendave 9th Jul 17, 9:55 AM
    • 609 Posts
    • 680 Thanks
    dresdendave
    • #6
    • 9th Jul 17, 9:55 AM
    • #6
    • 9th Jul 17, 9:55 AM
    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.
    Originally posted by PasturesNew

    Wouldn't this get complicated if the homeowner required long term residential care, paid for by the sale of their house?
    • chesky
    • By chesky 9th Jul 17, 11:02 AM
    • 748 Posts
    • 1,017 Thanks
    chesky
    • #7
    • 9th Jul 17, 11:02 AM
    • #7
    • 9th Jul 17, 11:02 AM
    What have you got against using a broker?
    • Martyn27q
    • By Martyn27q 9th Jul 17, 1:19 PM
    • 4 Posts
    • 0 Thanks
    Martyn27q
    • #8
    • 9th Jul 17, 1:19 PM
    • #8
    • 9th Jul 17, 1:19 PM
    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
    • By chesky 9th Jul 17, 4:14 PM
    • 748 Posts
    • 1,017 Thanks
    chesky
    • #9
    • 9th Jul 17, 4:14 PM
    • #9
    • 9th Jul 17, 4:14 PM
    If you have a regular income, why don't you get a mortgage through a broker?
    • Martyn27q
    • By Martyn27q 9th Jul 17, 5:37 PM
    • 4 Posts
    • 0 Thanks
    Martyn27q
    Can you get another mortgage on a house you own a 100% on ? I have a regular state and private pension coming in
    • Herzlos
    • By Herzlos 9th Jul 17, 10:23 PM
    • 5,483 Posts
    • 4,964 Thanks
    Herzlos
    Can you get another mortgage on a house you own a 100% on ? I have a regular state and private pension coming in
    Originally posted by Martyn27q
    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.
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