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Secured loan

Bovril5
Bovril5 Posts: 5 Forumite
in Loans
I live in a shared ownership property. I purchased 50% of the property outright. The purchase value was £90,000, three years ago.
The other 50% of the property is owned by the council.
I am unsure if I am able to take out a secured loan on the half of the property I own.
Can anyone advise me please

Comments

  • bengalknights
    bengalknights Posts: 5,022 Forumite
    Part of the Furniture 1,000 Posts
    No you cant usually due to not having full ownership
  • Bovril5
    Bovril5 Posts: 5 Forumite
    Thank you.

    If I was able to raise money for mortgage could I then also take out additional loan for home improvement
  • Pixie5740
    Pixie5740 Posts: 14,515 Forumite
    10,000 Posts Eighth Anniversary Name Dropper Photogenic
    Yes you can apply for a mortgage to purchase the remaining 50% from the council. I'm not sure whether you would be able to borrow more money to fund home improvements though. Perhaps your question would get better responses over on the Mortgages & Endowments board as I know there is at least one mortgage broker who specialises in SO mortgages who regularly posts there.
  • Bovril5
    Bovril5 Posts: 5 Forumite
    I will try that.
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    What does it say on the agreement about making changes etc.
  • Bovril5
    Bovril5 Posts: 5 Forumite
    I don't understand your reply. Im not looking for guarantor loan nor loan from family.
    I am asking for advice on shared ownership.


    Thank you for your rebut I do not think its relevant to my question
  • onedaysomeday
    onedaysomeday Posts: 561 Forumite
    Car Insurance Carver! Uniform Washer PPI Party Pooper
    Bovril5 wrote: »
    I don't understand your reply. Im not looking for guarantor loan nor loan from family.
    I am asking for advice on shared ownership.


    Thank you for your rebut I do not think its relevant to my question

    It looks like you might have mistaken their signature for a reply... :A
    Just trying to make up for past mistakes and work towards the future I want :hello:
  • DCFC79
    DCFC79 Posts: 40,644 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    Bovril5 wrote: »
    I don't understand your reply. Im not looking for guarantor loan nor loan from family.
    I am asking for advice on shared ownership.


    Thank you for your rebut I do not think its relevant to my question

    If you notice theres a line that separates my reply to you and my signature,
This discussion has been closed.
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