No Mortgage poor credit

fellaini_2

Hi, I'm in a position where i own my home outright...but have poor credit and need to take out a small loan. The house was left to me by my mum, so my name is on the deeds and i don't have any outstanding mortgage on the property. My credit history is poor but need to take out a small loan. The companies i have spoken to so far want a outstanding mortgage on the property for me to take out a loan. With having no mortgage this isn't a possibility.......Any pointers in the right direction would be great.

Thanks.

kloana

"Must have (or have had) a mortgage on the property you own in order to get a mortgage (or secured loan) on it" is something I've heard before, but don't know much about.

Hop over to the mortgages board, as there's loads of financial advisers on there (including bad credit specialists), who may be able to suggest something: http://forums.moneysavingexpert.com/forumdisplay.php?f=15