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Loan secured on home
Hi there
I'm after a bit of advice please
My position is I have a house I'm selling for £345,000 with a mortgage of £145,000 so 58% equity in the property.
I need a loan of 10-20k that I can have secured on my property. Currently my credit rating is poor so passing normal credit checks is hard. Someone looking at the equity would see 200k of spare equity. The sale of my house is progressing well and should be completed in 3-6 months however house sales can always have delays.
Does anyone have a suggestion about where to find some finance that can be secured on my house and will look at this situation rather that my poor credit rating?
Perhaps a private investor outside of the p2p system that would like to make a 10% p.a return
I've spoke to some of the loan companies but they won't consider me until I clear arrears on my mortgage but I need a loan to clear my arrears and catch up on my debt.
How can I release the equity?
Many thanks for your help
I'm after a bit of advice please
My position is I have a house I'm selling for £345,000 with a mortgage of £145,000 so 58% equity in the property.
I need a loan of 10-20k that I can have secured on my property. Currently my credit rating is poor so passing normal credit checks is hard. Someone looking at the equity would see 200k of spare equity. The sale of my house is progressing well and should be completed in 3-6 months however house sales can always have delays.
Does anyone have a suggestion about where to find some finance that can be secured on my house and will look at this situation rather that my poor credit rating?
Perhaps a private investor outside of the p2p system that would like to make a 10% p.a return
I've spoke to some of the loan companies but they won't consider me until I clear arrears on my mortgage but I need a loan to clear my arrears and catch up on my debt.
How can I release the equity?
Many thanks for your help
0
Comments
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Not what you want to hear but I dont think you will be able to get any sort of loan, secured or not.
With a bad credit history and mortgage arrears you will be declined full stop.0 -
If the sale is progressing well it certainly does not need to stretch out for 3 months let alone 6.0
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jonesMUFCforever wrote: »If the sale is progressing well it certainly does not need to stretch out for 3 months let alone 6.
True but if you've ever sold a house you'll know that sales can fall through. I'm just being realistic saying it could be 3 months but if it falls through maybe 6 months. Maybe your right but we'll find out in 3 months0 -
Mortgage arrears?
Suggest you rent for a while. Before applying for a mortgage again.
Or is your lender likely to push for repossession?0 -
Are you buying again, if so have you secured another mortgage for your next property. Because of you bad credit rating, you may find that you not eligible for a new mortgage and will have to go into rent, this maybe you plan, so just checking we have the full facts.
Good luck with the sale.
AMDDebt Free!!!0
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