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Loan against owned house, but no income?
Comments
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As others have said you can't sell or borrow against an asset with a disputed title as technically you don't own it.
You won't get a loan either without an income and with no income how would you repay it anyway?
You will need to use some sort of debt solution for your current debt but taking more on will make your situation so much worse. Post on the DFW board and maybe contact stepchange about a DMP. In the meantime ask your creditors for breathing space while you try and find work. That would be a better use of your time.I’m a Forum Ambassador and I support the Forum Team on the Debt free Wannabe, Budgeting and Banking and Savings and Investment boards. If you need any help on these boards, do let me know. Please note that Ambassadors are not moderators. Any posts you spot in breach of the Forum Rules should be reported via the report button, or by emailing forumteam@moneysavingexpert.com. All views are my own and not the official line of MoneySavingExpert.
Click on this link for a Statement of Accounts that can be posted on the DebtFree Wannabe board: https://lemonfool.co.uk/financecalculators/soa.php
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lardconcepts wrote: »Foxy can answer that one!
Yes, I suppose I could - but risky, as you say.
Indeed. But surely no more risky that taking a loan when you you have no guaranteed income?
I'm struggling to see which lender would be interested in lending to a party who has no income. Surely, that would attract accusations of irresponsible lending from the 'must be someone else'e fault' brigade.
Further, if the asset is not definitively yours, it's not going to be any good as security for a lender.
I think that you will need to rely on the support of family/friends, with the promise of repayment upon sale.
You must surely be able to see that it would not be a good idea to borrow money in your already precarious situation.
DM0 -
OK, thanks all (didn't get notification of new replies).
I'm going to take a "2% flat rate for £3k for 18 months" offer.
Should cover it for now....0 -
lardconcepts wrote: »OK, thanks all (didn't get notification of new replies).
I'm going to take a "2% flat rate for £3k for 18 months" offer.
Should cover it for now....
Do tell us how your going to make the monthly payments ?0 -
Do you mean 22%?0
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Often with offers, if a payment or two is missed, the offer lapses and the default APR applies. Something to keep in mind.0
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