Help needed. Best way to get £25k Secured.

SebD

Thanks for reading this.

I have a property worth currently between £399k and £459k. However, the £459 is only achievable if around 5 - 10k is invested on improvements and new paintwork etc. I owe £212k on the property. I also owe £15k on credit cards. No other debts. I want to obtain a short term loan of £25k to pay of Credit Cards and finance home improvements in order to sell property. Can afford £400 per month repayments, but would ideally like terms allowing me to pay off loan as soon as house is sold (say 6 - 9 months).

Any ideas greatly appreciated.

comicmankev

Get an UNSECURED egg load for £25k. They have no early repayment penalties and you wont be rsiking your home!

mrcow

Or to save money, see about switching your credit cards to 0% deals to pay them off quickly and then you're just looking at the £5k for your home improvements? Egg are good, or Cahoot are also very flexible. Take a look at the credit card board for more info......

0% cards


And also the credit card section of this forum.

I wouldn't recommend switching your credit card debts to secured debt, as it will be placing unnecessary risk on your property, and if your credit rating is okay, you should be okay to switch your debt to 0% debt anyway? Also secured debt is often aimed at a more long term market, you won't get great rates short term, and may even be leaving yourself open to penalties if you want to pay it off so quickly (under 12 months).

SebD

Thanks guys.

None of the suggested cards would touch me in spite of the equity in the house as I live in Jersey (apparently persona non grata to mainland credit agencies).

I got a Barclaycard loan in the end. Cost me more, but I did the work and sold up for £440k.

Any ideas where I can find a gaff, now?????

Thanks again for your advice.:beer: