Fully secured loan.

axus44_2

Not sure if this appropriate on this page but here goes.

Some years ago my wife was seriously ill and I couldn't work as I was her carer. Consequently I couldn't keep up with my mortgage payment / insurance.

I now need to raise £76,000 to pay it off. My bungalow is valued above £280,000 which will be the security for the loan.

So I am seeking an interest only loan for about 5 years at about 4% to 4.5%, the loan to have a 4 month break clause for either party, with the interest to be paid monthly.

Obviously it will be done through solicitors for both sides security.

So any thoughts about the above will be appreciated.

jonesMUFCforever

Unless you have an income AND a means to repay the loan at he end it won't happen unless you go for equity release.
We do not have enough information here to make that decision.

Pixie5740

I'd say your chances are slim to none. Is the £76k partly made up of mortgage arrears? If you somehow managed to secure interest only borrowing (which I'm almost certain you won't be able to do in your case) what is the repayment vehicle to repay the capital?

foxy-stoat

Forget about a loan, sell your property and down-size or down-value - you wont get what you want with the rates your talking about.

Your looking for peer to peer lending at a very low rate for a high risk reason for someone who is high risk.