Secured Loan help

b2bevents

For the love of money no one seems not being able to help with a sucures loan even though i have around £35,000 equity in my house.

i owe 53,000 and i need around 7,000 the house worth is around £85,000 but companies i have phoned say they wont lend over 60%.

is there any company who will help, i do have some bad past credit which is being paid off now on an agreement but obviously it still shows in my credit reports.

anyone know of anyone who could give me a loan

Tixy

What shows on your credit reports in terms of bad credit? do you have defaults? CCJs? what else?

How much do you currently owe in total on top of your mortgage? is it all on repayment arrangements?

How much do you earn?

b2bevents

Hi, i currently owe 53,000 on the morgage and its value is around 85,000 on repayment terms, and i earn around £22,000 per year and have a few defaults on my credit history

saying this i'm looking for a secured loan which i dont understand companies not lending because im putting my house on the line here if i default which i wouldnt anyway

Peelerfart

Might be the time to see a mortgage broker you think? and go down that route

Tixy

Lenders don't just think assume that a secured loan is a guarantee that they will get their money back.

Firstly it costs money to reposess a house (if you failed to pay) and its very unlikely that your repossessed house would be sold for its usual value, it would usually sell at a significant discount, add to that the concern that house prices might fall over the next couple of years then if you did default on the loan and you might by that point have arrears on your mortgage. All told could mean there is very little left if anything to repay the secured loan company.

So as you already have an LTV of 62% and other debts of £? and a bad credit history, I'd say that its unlikely you'll find anyone. Might be worth trying an independant mortgage broker to see if they know any subprime lenders who would go up to 70% but I suspect the answer might well be no.