Secured Loans: cheapest lending of last resort

Tixy

auto27 wrote: »

Spam post and link

Matt are you that extremely shiny faced chap pictured on your website?
I can't imagine that picture is going to inspire people to apply for loans through your website.

Oh and posts reported.

star_ka

Due to the planning restrictions placed on my home i cannot get a mortgage, however i need to pay the builder that built it!!! All mortgage lenders accept us as customers but not the planning restrictions. The house has been valued at £190,000 even with the clauses in place.

I need £90000, would i be accepted using the house as security for a secured loan?

Thanks

gingerloans

Salsta 4324...Taking a secured loan and repaying your husband's debts will not solve your credit rating problems overnight. Mortgage lending to borrowers with a poor credit history is still incredibly restricted, so unless there is a major change in the remortgage market by this time next year, you will find it very difficult to remortgage and repay the loan. You would be advised to speak with a few respectable financial advisors to confirm the advice received so far is correct.

If you do take the secured loan and are subsequently in a position to repay in full, the settlement penalty is one month's interest deferred for 28 days. The Consumer Credit Act was last amended in March 2008 so almost all secured loans are covered by this rule, unless (a) the loan was used for business purposes, (b) is secured on a property other than the borrowers home or (c) the borrower is classed as 'high net worth'. The amount you would need to repay the loan would be approx £18,000 to £18,200.

The set up fees would suggest Blemain Finance or Link Loans are the lender, and the broker is charging you a fee of £850. Avoid a broker that asks you to pay any of the processing costs - this is illegal.

gingerloans

star_ka wrote: »

Due to the planning restrictions placed on my home i cannot get a mortgage, however i need to pay the builder that built it!!! All mortgage lenders accept us as customers but not the planning restrictions. The house has been valued at £190,000 even with the clauses in place.

I need £90000, would i be accepted using the house as security for a secured loan?

Thanks

star_ka
If the property is your home, the only way to raise any money is from a mortgage that falls within the guidelines of the Financial Services Authority.

A secured loan is otherwise known as a 'second charge loan' - to obtain one a mortgage must already be in place.

Peelerfart

Jus spammed you Mr Gatting perhaps try Graham Gooch next time.

fool_of_a_took

We took out a secured loan 3 years ago for £25,000 we were advised to take it out over 25 years but to settle early, at first everything was great. Then my husband lost his job and we missed payments, we since made arrangements to catch up with the arrears but the debt was crippling us. We are in a fortunate position to have equity in our property but with adverse credit problems we couldn't remortgage. We have therefore sold our house to become debt free. We complete next week. However warning to all the settlement figure quoted for our secured loan is £37,500 - We took out the loan for £25,000 paid around £11,000 off and still have a great whacking figure to pay. We are going to try and dispute the amount with the oft but we will have to pay the settlement figure or we will lose the sale on our house - So BEWARE read everything!!!

marksmith001

I didn't carried loan till now. Is there any benefit to get loan from any one. Or it creat difficulties for you at the time of returning.

dmharper

trying to finda bit of advice !

i have a mortgage for 54K
Secured loan for 11K

House is valued at say 80K

if i was to sell up would i have to pay the secured loan off ? or can i carry this debt say into a new home ? the reason for doing this is we are looking to try and sell quickly in the current climate, due to certain things happening in the area, i would like to take the equity for a deposit for a new house but not sure if we can do this ?

any advice is greatly appreciated

AMILLIONDOLLARS

dmharper wrote: »

trying to finda bit of advice !

i have a mortgage for 54K
Secured loan for 11K

House is valued at say 80K

if i was to sell up would i have to pay the secured loan off ? or can i carry this debt say into a new home ? the reason for doing this is we are looking to try and sell quickly in the current climate, due to certain things happening in the area, i would like to take the equity for a deposit for a new house but not sure if we can do this ?

any advice is greatly appreciated

You'll have to pay the loan off. Secured loans are not transferable.

AMD

f1fan_2

Hi All I need some help and advice please. Following the advice given by Barclays my bank of many years, in April 2006 I took out a secured loan in the sum of £36000 over 12years for building works and paying off a credit card, at the time the loan APR was 8.4% variable, with £392.37 monthly payment.

I have continued to make the payments without default over the intervening period repaying something like £26000. Having just retired I asked for a settlement figure last week which I received today it is as follows:
total amount payable £32279.65
early settlement rebate £7411.71
Admin charge £150.00
settlement figure £25017.94

I have not received any statements since the loan was taken out and in my Mind I had expected the outstanding balance to be in the region of £15000.00.

I rang Barclays querying the figures to be informed that I should know that was how loans work! Very helpful.

I suppose my questions are: 1. do I have any redress against Barclays because it wasn't explained to me that all the early payments pay off interest and also was there was probably better options available at the time. 2. The small print refers to a link with the Finance House Base Rate which at the time of taking out the loan was 5% but is now 1%. So initially 04/2006 my APR was 3.4% above FHBR wheras now the loan APR is 9% so a difference of 8% over current 1% FHBR.

Are they allowed to do this/ Is it worth referring the matter to a Banking ombudsman or anyone else. Making the payments isn't really a problem I just object to banking robbery I recall !!!!!! Turpin was hanged for lesser crimes.

Thank you:)