Secured loan

[blobby]

Hello

Does anyone know if it is possible to get a secured loan (for essential house repairs) when iva is still on our credit records? We ended the iva early with a f&f. It's been about 3.5 yrs since the iva began.
We have a mortgage with Magellan and have about 60% equity.
Thanks!

[Shining]

Hi, not sure to be honest but I do know that equity release these days some companies are wanting clients to take a secure loan so my guess is it's possible but not sure who with. Hoping others will know.

[Foggy]

Hi Blobby. Have a word with Shaun. I know he has access to secured loans in some circumstances.

Contact details here:


http://www.iva.co.uk/forum/pop_profile. ... y&id=22837

[blobby]

Oh yes of course, we used equity finance for the mortgage so will get on to them. Thanks! Didn't realise they did secured loans too.

[blobby]

I should have also asked... Is there any other option or is a secured loan the best one? We've not had the mortgage very long, so I guess we can't add to that?

[Foggy]

Shaun would be best suited to answer that one as well ---- a secured loan would be easier on paper, but you need to look at the figures too.

[blobby]

Thank you!

[Michael Peoples]

It may be possible to get a remortgage but definitely speak to Shaun. A secured loan may be the best option until you can remortgage the lot in a couple of years.

[blobby]

We haven't had this mortgage long, less than a year. We only have 60000 and the house is worth 150-160000, so what do you think our best options are? I will contact Shaun on Monday, but just after opinions. Thanks.

[Michael Peoples]

Not sure what the best option would be but there is substantial equity. Hopefully Shaun can sort this out for you.

[blobby]

I've contacted the guys at equity finance, the person who originally sorted our mortgage is on the case thanks!

[Michael Peoples]

Best of luck Blobby and hopefully this can be sorted out for you.