Secured Loan

[Myriad2112]

Wonder if anyone knows the answer to this one? My credit rating isn't great as I'm am paying back a loan and credit card on an arrangement. I own my house which needs extensive work done on the chimney and roof. Will the building society release equity to repair the damage even if I have outstanding debts including an unsecured loan with said building society?

[redcrx]

when you say outstanding debt, do you mean its over due and in arrears?

[ummmm]

Probably not.

[No_Likey]

i would have thought so....if you take the angle that the repairs are needed in order to protect the integrity of their investment (your house) they may be willing, although i would expect there would be fees attached..

[Myriad2112]

No redcrx, my business went bust 3 years ago, i'm in an arrangement to pay them all back over the next 5 years.

Thanks NoLikey, that's what i thought but i don't know for sure. I suppose I better just dive in and ask them.

[No_Likey]

im only saying what makes sence....but sence does not always prevail....

[ummmm]

Will you be able to afford higher mortgage payments?

[Myriad2112]

I could reset it to 25 years again, just not sure if they would even consider it.

[ummmm]

I think it will depend on the amount of debt you have and how much equity is in your house.

[redcrx]

i cant see any lender risking more when you are on such an arrangement, especially with the way lending figures are at the moment.

But theres no harm in asking for a consolidation loan, worst they can do is refuse

[No_Likey]

you could always consider selling and downgrading, assuming that your current circumstances allows....

i know its morally wrong, but you have to consider if it will cost £5k to put right, and isnt easily noticible, could you market your house, knowing that you have that 5k to play with?

[Myriad2112]

I have thought about selling it as it stands and going back to renting, I dont think a wet dripping bathroom wall would inspire a quick sale though, that's why I want to get it fixed.

[123cashadvance]

Go for for payday loan as it doesn’t require a good credit history.