Secured loans for homeowner with no mortgage

caerdydd_2

I have inherited a house worth around £250 000. I need to borrow £60 000 to pay off credit cards and building work. What secured loans are available to those who don't have an outstanding mortgage? Which companies/banks offer the best value?

All I seem to see are loan offers for those with a mortgage.

I have a steady job, but have been refused credit cards, probably as I've missed a few payments.

I'd be very grateful for advice

opinions4u

See a mortgage broker.

Your payment history may scupper you though.

dshart

I would think that with equity of £250k in the property it should not be to hard for the OP to get a loan even with a bad credit history. They may have to take a higher interest rate due to their poor record but it should still be possible.

Best advice would be to see a mortgage broker as stated above.

chalkie99

Depends what the building work is.

Is this on the inherited house and does it mean the property is not, currently, mortgageable?

[Deleted User]

if you see a mortgage broker then make sure its an "all of market"broker

fatbelly

caerdydd wrote: »

I have a steady job, but have been refused credit cards, probably as I've missed a few payments.

I'd be very grateful for advice

Baer in mind that if you 'miss a few payments' on a secured loan, you lose your house.

malcolmffc

Why not just sell the house, pocket £250k and pay off your debts with that?

dresdendave

malcolmffc wrote: »

Why not just sell the house, pocket £250k and pay off your debts with that?

Exactly, the best solution is often the simplest one.

_Andy_

You need a mortgage for an unencumbered property, but will need to be with a lender who's happy with the adverse. Speak to a mortgage broker