Secured Loans

LKUTTNER

I own a property, mortgage free, that I rent out. I want to continue to rent it out but I would like to raise around £50000 for personal use. The property is worth around £195,000. I'm retired but not drawing my pension yet and I own outright the house I live in.
Any ideas ? Secured loans ? Take a mortgage ? Santander, offered me one of their 4.5 % guaranteed loans at 13.3 % !!!!! Probably because I don't own anything to anyone and pay my credit card in full every month.
Thanks in advance for your help.

[Deleted User]

It won't be because you pay your card in full every month.

More likely your income?

Thrugelmir

How are you intending to repay the money and over what time scale?

LKUTTNER

I intend to repay using the rent I already receive.
I would like to have to repay the loan over 10 years or possibly take a smaller loan of say £25000 to repay in 5.

Pixie5740

How about getting a BTL mortgage on the property you currently rent out? You could potentially release up to 75% of the equity in the property and I think the rent would have to be 125% of the mortgage repayments.