Hi is it possible/allowed to take out a secure loan out on the house to make a full and final offer, iv spoken with someone who said I should be able to borrow the amount. I currently pay £170 a month and have 22months plus and extra year, so an offer of around £4400. The only reason I ask as iv been offered a new role at work which comes with a £10,000 pay rise
There are lenders who do lend for this specific purpose ( Like Sprout ) --- but some creditors will reject a F&F sum raised this way on principle .... however, yours might well accept it. Worth a shot.
My opinions are merely that .. opinions based on experience. Always seek professional advice.
IVA Completed 23rd July 2013 .... C.C. 10th January 2014 http://foggy.blogs.iva.co.uk
Absolutely it's possible and we regularly arrange this sort of thing for our clients. There are a few things you need to make sure are boxed off in terms of the offer, and it may need a meeting of your creditors to be arranged in order to approve it, but these are all things someone who knows what they are doing can help with.
Specialist Mortgage Advisers. Highly Commended at the British Mortgage Awards.