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Secured Loan -- Advice needed.
We are having trouble getting a secured loan . We need to finish refurbishing one of our houses -- altogether we own five. Four of which are not done via a mortgage but a Commerical Loan and one is our Residential Property, if when getting the Loan we had the intention of one being our residential property we probably would have done things differently.
We decided to use the one our property that we use for Residential Purpose for the loan, but as we bought it via a Commerical Loan they won't accept it as our home [Norton Finance]. We own 50% of the property [which we have on all four] -- so have really good equity. Thought about re-mortgage but would also mean changing our Fifth property's mortgage -- and this would mean a steep charge! On the Fifth property we don't have the same equity percent [10%].
I just wondered if there is anything we could do? Didn't want to go to another Loan Company and have more checks until we were more informed.
I hope this makes sense, I'm very tired. Feel free to ask for more clarification.
We decided to use the one our property that we use for Residential Purpose for the loan, but as we bought it via a Commerical Loan they won't accept it as our home [Norton Finance]. We own 50% of the property [which we have on all four] -- so have really good equity. Thought about re-mortgage but would also mean changing our Fifth property's mortgage -- and this would mean a steep charge! On the Fifth property we don't have the same equity percent [10%].
I just wondered if there is anything we could do? Didn't want to go to another Loan Company and have more checks until we were more informed.
I hope this makes sense, I'm very tired. Feel free to ask for more clarification.
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