Secured Loans: cheapest lending of last resort

MarkyMarkD

Ooh another copy of the same post, but with different words. Why not cross-refer rather than repeating the same point in two threads?

Robert_Sterling_3

I am confused.
If you take out or try to take out secured loan and have a mortgage them surely your existing mortgage lender has got to have a say in this.
J_B.

When I was a consultant to a sub prime lender most of the customers were in arrears with the first mortgagee.
If there was equity in the property the sub prime lender, as part of the deal, always payed the client's arrears to clear his account with the first mortgagee. In addition to this the subprime lender , in the event of a subsequent repossession of the property, would not get any money back until the first mortgagee had had what was due to him. No wonder the subprime lender charged a higher rate than the first mortgagee.

timbogay

i have got on my credit rating one ccj from 2002 which has been paid off. i require a personel loan of £7000 for my 2 sons univercity funds. can anyone give me any information or tips as to which is the best and most sympathetic lender to apply to.
many thanks
timbogay

jonesMUFCforever

Have you approached your current bankers?
Eric

timbogay

i have approached my bank they are not interested

msi23

Hello, I have a Commercial property with no business on that property I have residence there. I have the property paid for and it appraised over $100,000.00. My credit is bad and self employed. I have tried to go to banks for a messily $30k for 10-15 year loan but the first thing they said was my credit was not good enough! Then when I had my brother co-sign for me they said that the building was commercial so they could not give me a home loan even though I live at the property. They said it would have to more or less look like a home because of the appraisal would go by that. I am tired of wasting my time and can believe I am having a hard time with this. Man I wish someone came up to me and wanted a $30k loan with a $100,000.00 collateral I would take it and wish they could not pay for it and make a bundle of money. Is there anyone out there with enough business sense to lead me in the right direction?
Thanks
PS I guess I should have went bankrupt with 25k worth of debt with a great credit score and job I bet then I get some many people wanting to lend me money I would have to it them off with a stick

onetime_3

Can i get a sercured loan on my property, i have mortgage of £130000 and the property is worth 160000, i have only been in it a month have no bad credit but want £22000 to pay off credit/store cards and 2 loans over 25 years, i earn £23500 a year, does any body know if it worth the hassel asking for a quote, i will pay a much lower amount each month than i am at present.

HelenR_3

onetime wrote:

Can i get a sercured loan on my property, i have mortgage of £130000 and the property is worth 160000, i have only been in it a month have no bad credit but want £22000 to pay off credit/store cards and 2 loans over 25 years, i earn £23500 a year, does any body know if it worth the hassel asking for a quote, i will pay a much lower amount each month than i am at present.

Why would you want a secured loan if your credit rating is good ?
shop around for the best unsecured loan , or see what cards you can get with good interest deals

H

notshrewd

We have recently repayed in full a secured loan of £45000.00 On doing so we paid the loan plus two months interest extra as a penalty for repaying early and an additional £8000.00 for cancelling the payment protection plan that went with the loan as we now no longer required it. On complaining i have been offered a payment of £3000.00 as peacemeal from the bank. In effect i have had to pay an additional £5000. On top of the loan and on top of the extra two months payment for a facility I no longer needed just for paying this product off early. NEVER TAKE OUt a secured loan. Does anyone know how i can get this money back?

Up_s**t_creek...

Can anyone help - I have a major debt problem... I need to try & consolidate some of my debts into one monthly payment... I already have a personal loan of £10k, 2 credit cards maxed out at £2,500 each, numerous store cards & on top of this I owe my mobile phone £1k & two friends £1,200 & £500. I have a mortgage of £75k & my house is worth £85k. My salary is £13k. I need a £15k loan, which I will use to consolidate my existing loan, pay off my friends & maybe pay my phone bill & store cards. I think my credit rating is generally pretty good although recently I may have missed payments, however, I have never had a ccj/default on my credit file! The only problem is I need to keep my repayments as low as possible in order that I can manage my debts in the future. Please help... I'm struggling to find a suitable loan!!! The other problem I have is that my house is in joint names and I am no longer with my boyfriend... am I able to get a secure loan, as I am struggling to get an unsecure loan!!!???