Secured Loan

Givens

I'm hoping to borrow £30,000 via a secured loan on a property.


First option is via a HMO I own, I owe £169,000 on it and its worth £260,000 according to the recent valuation.


Second option would be on my the property I live in, I have about £55,000 in equity but we've only moved in 2 months ago.


Has anyone any advice or applied for a secured loan in these circumstances?

jonesMUFCforever

Salary?? Debts?? Affordability??

andyfromotley

Whats the loan for?

Doesn't sound easy, i doubt they will secure on the HMO as it may be tricky to repossess.

I doubt you have owned your own home long enough.

There were always bottom feeder companies who would lend on anything at huge cost, but i don't know if they are still about.

Givens

My situation is 30k on my SA302 all income from property.
No debts, 6 mortgages.


Loan would be used to buy a property for cash. Loan only be required for 6 months as I'd be sell the house I'd be buying and then I'd be in a position to re-mortgage another property to raise funds.

Tixy

You haven't said the LTV on the recently purchased resi property.

But I think your best option might be to try to extend the existing debt on the HMO with the existing finance provider of that property.

Givens

Tixy wrote: »

You haven't said the LTV on the recently purchased resi property.

But I think your best option might be to try to extend the existing debt on the HMO with the existing finance provider of that property.

That's a non starter unfortunately.


It was 85% LTV when we bought it but we got a really good deal and judging by the agents and whats around us its more like 75% but obviously the last valuation states we're at 85% LTV.