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Secured loan
Jean_d_a_l
Posts: 1 Newbie
in Loans
I have 335000 equity in my mortgage free house. I want to borrow 100000 to self build a house on a plot I own and repay the loan from rental income. If possible I would want to defer the repayments for a year but this is not essential Does anyone know of a loan that would suit?
0
Comments
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There's no way you'd get a personal loan for that amount of money. Your best bet would be approach a few of the mainstream lenders and see if they could offer you a mortgage against your current property. Be aware, though - your home is then at risk if you are unable to meet the repayments.0
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The best you could do would be an interest only mortgage but they would expect you to be able to afford repayments - so what income do you have?0
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