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Secured loan on non-mortgage property

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[Deleted User]
[Deleted User] Posts: 7,175 Forumite
Part of the Furniture 1,000 Posts Name Dropper Photogenic
in Loans
Is it possible to take out a secured loan on a house that is owned outright?

Some of the lenders listed on MoneySupermarket are asking how much is left on the mortgage before giving a quote. And not allowing £0 as an answer.

Considering a secured loan for house improvements. House was inheritance.

Comments

  • opinions4u
    opinions4u Posts: 19,411 Forumite
    A capital raising mortgage may be more appropriate than a secured loan.

    How much are you borrowing?
  • [Deleted User]
    [Deleted User] Posts: 7,175 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    opinions4u wrote: »
    A capital raising mortgage may be more appropriate than a secured loan.

    How much are you borrowing?

    About 10 or £15,000. Credit rating not perfect so won't get a personal loan. Not sure about mortgage.
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