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Unsecured Loan Using Equity in Co-owned Home
Felixthecat23
Posts: 3 Newbie
in Loans
Please could someone advise as to whether I can get an unsecured (ie not a secured) loan, using the equity in my house?
For information, I own my house jointly with 2 others.
For information, I own my house jointly with 2 others.
0
Comments
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If you want it to be unsecured, what has your house got to do with it?0
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Short answer - No, you can't.0
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Felixthecat23 wrote: »Please could someone advise as to whether I can get an unsecured (ie not a secured) loan, using the equity in my house?
For information, I own my house jointly with 2 others.
Using the equity in the house means using it as security, ie a SECURED loan.
For unsecured loans this equity (Which im assuming you want lenders to see as an asset/savings) will be ignored by lenders as A: its not liquid, and B wont help with the loan repayments if you get into arrears..
Now if you had £20000 savings that would be different.0
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