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How to go about a secured £8000 loan on a house that's fully owned.
Credit limit isn't spectacular so can't see an unsecured £8000 loan application being accepted. Fully own a house though and want to secure the £8000 to the house to increase chance of getting accepted for the loan. How would I go about researching this? I can only find loans for people on a mortgage.
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Comments
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Are you absolutely desperate for a loan?
Take a moment to peruse the advice from this very site -
"Remember MSE's stance on loans: 'borrow as little as possible, repay as quickly as possible'."
And nobody (to my knowledge) on this forum would advise securing a loan against property. See this, also from this site :
https://www.moneysavingexpert.com/loans/secured-loans-uk/
Please note - taken from the Forum Rules and amended for my own personal use (with thanks) : It is up to you to investigate, check, double-check and check yet again before you make any decisions or take any action based on any information you glean from any of my posts. Although I do carry out careful research before posting and never intend to mislead or supply out-of-date or incorrect information, please do not rely 100% on what you are reading. Verify everything in order to protect yourself as you are responsible for any action you consequently take.0 -
It's probably not a good idea to secure a loan on your property. I can't think of any scenario where this is necessary.0
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A loan secured against your house is a mortgage, plain and simple. You're highly unlikely to find anyone to give you a mortgage for such a low amount.That aside, securing a loan against your house needs a great deal of consideration, and is not usually recommended (other than an actual mortgage used to buy the house). The reason you'll get a better rate than an unsecured loan is simply down to the fact that, should you default on the loan, the lender can kick you out of your house and sell it to recoup the debt. Do you really want to risk potentially having to sleep on the street in a cardboard box for such a relatively small amount?The key question is why do you want the loan in the first place? If it's for something that's absolutely essential (I'm struggling to think what may fall into that category) then let us know and we may be able to suggest alternative options. If it's for something that's simply "nice to have" then forget it for now and save up for it.0
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There's one lender who have quite a low amount for a mortgage, but it's not as low as you are loy for, they do accept some benefits towards affordability (assuming that's still your income).
Better off speaking with an independent whole of market mortgage broker to see what your options are.Mortgage started 2020, aiming to clear it in 2026.0 -
Fortunately secured loan lenders are not as numerous as they were a few years back.
It's not worth endangering your house for an 8k loan.
Try working through these:
https://www.moneysavingexpert.com/loans/credit-rating-credit-score/
https://www.moneysavingexpert.com/loans/cheap-personal-loans/
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