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Secured loan help please

Lottie83
Lottie83 Posts: 7 Forumite
in Loans
Hello

I own my house (no mortgage) but am not currently in employment following taking a year out to renovate my house.

I am now looking for work but would like a small loan to cushion me until I find employment.

Does anyone know if I would be eligible for a loan given that I am currently un-employed? My house is worth £350,000 and I would be looking to borrow £5,000.

Thank you

Comments

  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    No-one's going to give you a loan unless you have an income to repay it.

    Do you have any other income?
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • jonesMUFCforever
    jonesMUFCforever Posts: 28,898 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What are you living on now?
  • Lottie83
    Lottie83 Posts: 7 Forumite
    No other income as such, I am currently living off savings.
  • Gaz83
    Gaz83 Posts: 4,047 Forumite
    1,000 Posts Combo Breaker
    No-one reputable will give you any kind of loan if you don't have an income to repay it.
    "Facism arrives as your friend. It will restore your honour, make you feel proud, protect your house, give you a job, clean up the neighbourhood, remind you of how great you once were, clear out the venal and the corrupt, remove anything you feel is unlike you... [it] doesn't walk in saying, "our programme means militias, mass imprisonments, transportations, war and persecution."
  • leespot
    leespot Posts: 554 Forumite
    Would it not be easier to find a job rather than trying to borrow to live? You could always downsize and have capital left over too.
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Just use your savings that you have been living off until you get a job, unless they have ran out...if so now would be the time to down value....you wont get a secured loan for £5K anyway.
  • Lottie83
    Lottie83 Posts: 7 Forumite
    Thanks all.

    Selling my house certainly won't be necessary! My savings should cover me until I find a job I just wanted to know if a backup was there if needed.
  • leespot
    leespot Posts: 554 Forumite
    Without any income that wouldn't be possible ��
  • foxy-stoat
    foxy-stoat Posts: 6,879 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper
    Lottie83 wrote: »
    Thanks all.

    Selling my house certainly won't be necessary! My savings should cover me until I find a job I just wanted to know if a backup was there if needed.

    Your back up is selling and down valuing your property.

    Good luck with finding a job.
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