Secured Loans: cheapest lending of last resort

robertno5taylor

I would avoid unsecured loans if possible!

BBEER

Hello,

Im not really used to posting on forums but I need some advance on a secured Loan taken out by my husband and myself - foolishly but desperatly.

We took £29,000 out on the 11/07/07 and pay £309 per month for a 180 month term currently at 9.82%. So a total repayment of £55,620 (my calculations).

We have asked for a settlement price as we pay £200 extra off our mortgate and also the £309 payment put together would mean we could pay it off a lot quicker etc somewhere else .

The settlement price came back as £22,362.74 with early settlement interest of £711.81, accrued interest £294.75, settlement fee of £50.00 so in total £23,419.

This is actually only £5581 less than what we borrowed, even though we have actually paid £15, 450.

Please please help with some advice this loan is like a noose around our necks - Our credit rating is good now and we have no debts anywhere apart from this....:(

dertin03

Anyone tried getting one of those EZBOB loans, if so do you know easy they are to get for ebay businesses?

tiggy748_2

we are selling our home to move for work. We contemplating buying a house for 50K, we have 30K equity and the the house needs 20K worth of work. As we are self employed (40k -60K income) without a great credit history (defulats currently being fought) and as we only need 40K we cant get a mortgage (we can get a 70k one though!). We have no other loans, debts etc. What would your opinion be on raising 40K worth of finance through a secured loan? I suppose we could manage on just 30K and do the rest of the house up slowly, are there other ways of raising this sort of money as ideally we would like to pay this off asap and i understand that early repayment charges are outrageous. Any advice would be great - thanks

carbut

my daughter has about £10000 in debts ....£5000 is a loan of which im guarantor £1000 council tax £1300 to tax man £800 gas electric and other bits and pieces she has a house with no mortgage value about £200000. would a secured loan be a good option she has income of approx £500 nth and working and child tax credits of £800 month.
im thinking this might give her fresh start as at moment she is paying out £200 mth on loan which has high intrest rate and £186 on gas electric and paying nothing off of other debits, but just keeping on top of other bills.Is she likely to get a secured loan? thoughts please
thoughts please

mofopants

hopefully someone can help us here.

We have a building site with full planning permission - can this be used to get a secured loan? We want to put a good mobile home on site to live in for a few years whilst gathering funds to put our house up and wondered if we can borrow against the land to get this - we currently don't have a mortgage and wouldn't be looking for a mortgage for a few years - hubby has a good credit history but i am currently doing a DMP and my lack of income means we cannot get enough of a mortgage to build at present, so this would give us the option of living on site and putting some real steam behind getting my debts paid off.

Incorrigible

I am First direct mortgage holder and have been told they will not allow a secured loan against my property by another loan provider. My property is worth approx 300k and our outstanding mortgage is approx 150k. My wife and I tried to get a 40k secured loan (to clear existing credit debt) both with them and also externally, both refused. We are assuming it is due to what my wife considers she has not great credit rating. I am a little surprised that my mortgage provider wouldnt have allowed us this loan given the high level of equity in the property,

We feel like we are in a bit of a catch 22 situation. Anyone have any advice of what our best route would be. Any help would be gratefully received.

Caz3121

they are not a lender, they are a broker - A BROKER FEE OF UP TO 12.5% WILL BE ADDED TO SECURED LOANS.

HappyChapp

Hi Caz, Yeah they told me that and sent me a form which explained all the fee's and charges..

I approached the lender (naughtily) they selected myself and they told me that you have to go through a broker as they do all the work(and pay for) such as the valuation etc..

It seems a strange set up - but it seems secured lending is broker only?

to be honest, they made it so easy i didn't mind paying a fee.. it certainly wasn't 12.5% though:j

HappyChapp

why dont you remortgage?