Secured loan help please

jo.o

Hi my husband and I have recently applied for a secured loan for £10000 against our property which we bough in december of 2006 for 110,000 we current have a mortgage on the property of 49000, and we think the property is now valued at around 125000 to 130000, we have been accepted for our secured loan and are just currently going through the process, we had a valuation done yesterday on the property which we were told had to be carried out , I have read on the internet that valuations are rarely carried out these days unless you are wanting to borrow a high amount or that you have not got the capital in the property, which obviously we have, since purchasing the property we have made vast improvements to the house, and what we found strange was the valuer took photographs of our bathroom and our kitchen ! ?
Has anyone had this similar experience or heard of why this is being done as we are now panicing, as we said we wanted the loan for home improvements which we do but also want some of the money to clear off some debts, we had to list what we wanted the money for and we put down , new windows, new bathroom, new kitchen, etc. We have infact already done the bathroom (one of) as we have 2 the kitchen was newish when we moved in but we hate it, we are panicing now incase they think we are lying. Any help gladly received.
Jo.o

_Andy_

Have you rung them to discuss your concerns?

jo.o

Hi Thanks Andy, no not as yet thje company is Norton Finance and Prestige finance have accepted us for the loan, I just think its a bit far fetched for a loan of £10000, on a property with a mortgage of 49000 which is not even half the value of what the house is worth, my neightbours next door but one just sold the same property for 149950.

CLAPTON

what APRs are they charging... why didn't you ask your mortgage company for a increase in the mortgage as its normally a lot lot cheaper.

juliedawn_2

please dont take out a secured loan if you can help it you may regret it.

bouncydog1

Quick google of Norton Finance shows rates of 17.9%:eek: although this may be for a different type of loan - didn't go into the site. There are also a couple of complaints about them being pushy and selling PPI.

I agree with Clapton - speak to your mortgage company - with that size of mortgage v equity and your repayment history, there will be a very good reason if they won't lend you any more money.

denyse_marston

Please dont touch Prestige Finance - they are sharks!!!