Unsecured Loan Using Equity in Co-owned Home

Felixthecat23

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.

ViolaLass

If you want it to be unsecured, what has your house got to do with it?

DCFC79

2 other threads from yesterday with same question

Thread 1 which contains answer you might be after

Thread 2

MEM62

Short answer - No, you can't.

dealer_wins

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.