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Home Equity Loan - your expert advice required!
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fightoffyourdemons
Posts: 2 Newbie
Hi everyone!!
I am new to this and have had a quick look around but I can't find the answer I am looking for, so I really, really hope that someone can dish out some advice.
I have recently purchased a property (days ago in fact) and I need to do some rennovation to it and I'm looking for a secured or home equity loan. This is because my credit rating isn't too good, no CCJs or defaults, just a lot of credit searches (I was naive!).
The property is valued at 220k and the mortgage (self cert) on it is 185k.
I'm looking to borrow around 9k and to pay back over 5 or 6 years.
Please can someone advise of how equity loans work.. will I be able to follow this route given i've only had the property a week or so? how long does it take for these loans to be processed? What proof of paperwork will i be required to forward to the lenders etc?
Thanks!!
I am new to this and have had a quick look around but I can't find the answer I am looking for, so I really, really hope that someone can dish out some advice.
I have recently purchased a property (days ago in fact) and I need to do some rennovation to it and I'm looking for a secured or home equity loan. This is because my credit rating isn't too good, no CCJs or defaults, just a lot of credit searches (I was naive!).
The property is valued at 220k and the mortgage (self cert) on it is 185k.
I'm looking to borrow around 9k and to pay back over 5 or 6 years.
Please can someone advise of how equity loans work.. will I be able to follow this route given i've only had the property a week or so? how long does it take for these loans to be processed? What proof of paperwork will i be required to forward to the lenders etc?
Thanks!!
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