Help on how to release equity

andysausage

Hi can any body advise me on how to release equity on property.I have a bad credit history but unfortionatly i lost my parents who kindly left me with a house and a plot of land which has no morgage.I want to loan 5000 pound but i cant because of my credit rating i cant get a morgage because theres no morgage already on the property,i have tried selling the house but with no luck.i cant release equity because theres no morgage,i just cant find any way of borrowing 5000 against a 200,000 estate.can anybody advise me please.:mad:confused

ACG

you cant get a mortgage for £5k as far as im aware. Minimum is around £20k.

You can get a mortgage on an unmortgage property, otherwise no property would ever get paid off.

Dave_Ham

Hi there,

Without seeing your credit files, it is difficult to determine how bad they are.

That said, so long as you are earning and do not have many very recent CCJ's or defaults, I guarantee there will be a solution given the equity.

You have probably so far just looked in the wrong places.

I would be lying if I did not state that this may be an expensive solution mind you.

All the best of luck