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Secured Loan On Property

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Comments

  • Leela_G
    Leela_G Posts: 82 Forumite
    no, as i said, i have the savings for moving and the extra
    to pay the extra to the secured loan. Basically if i sell the flat and use my savings i am left with zero. I just need to know if i can transfer the secured loan
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    Can you take out an unsecured loan to pay off the secured loan?
  • Leela_G
    Leela_G Posts: 82 Forumite
    been looking into that and there doesn't appear to be any unsecured loans for 25k
  • Comyface
    Comyface Posts: 670 Forumite
    Part of the Furniture 500 Posts Combo Breaker
    You can't transfer a secured loan, sorry. When the property is sold, it'll have to be paid off.

    I'm sure there are unsecured loans for £25k, keep looking and good luck. :)
    Are the words 'I have a cunning plan' marching with ill-deserved confidence in the direction of this conversation? :cool:
  • michael1983l
    michael1983l Posts: 1,916 Forumite
    Leela_G wrote: »
    been looking into that and there doesn't appear to be any unsecured loans for 25k


    How about find two loan companies that use different credit reference agencies and apply to them both to raise enough funds for the loan. If you call the lender and ask them which reference agency they use they WILL tell you.
  • Leela_G
    Leela_G Posts: 82 Forumite
    i've just spoken to the company that i have the secured loan with and it can be transferred, but i need to make an application for this to be done and it could be rejected.
  • FoxtonsRIP
    FoxtonsRIP Posts: 323 Forumite
    They'll probably put your interest rate up even more too.
  • Leela_G
    Leela_G Posts: 82 Forumite
    I think i will sell the flat and just rent for a year or two and save for a deposit.

    I have well and truly learned to never take out a secured loan ever again :money:
This discussion has been closed.
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