What is a
no equity loan?
No equity, sometimes known as negative equity, means that your existing
mortgage, together with the new amount you want to borrow, is higher than the value of your property.
For example, your house may
be worth £100,000. You have an £85,000 mortgage on it, and want to
borrow £30,000 to pay for a new kitchen and also to pay off some existing high
interest credit, such as credit cards, store cards, HP, unsecured loans.
This means that your new total secured lending would be £115,000, with a
property value of £100,000. This new £30,000 loan is called a no equity
loan
Can
I get a no equity loan?
Before the current "credit crunch", there were a
new wave of banks and finance houses who recognised that you may wish
to borrow a large amount, but don't have the usual equity in your
property to cover the loan. However, these are no longer
available - the maximum loan now available is around 80% of the
value of the property
We regularly
get enquiries where customers want to borrow money at a low APR
interest rate, to pay off credit cards, store cards, HP and unsecured
loans, or who want to carry out some home improvements to enhance
the value of their property, but do not have any equity in their
property.
In these circumstances, an unsecured loan is now the best option
Loans up to 125% of the property value
There are now no longer any lenders who will lend up to
125% of the property value.
An unsecured loan is the only option available for people with no
equity in their properties.
With our unsecured loan quotes, there is absolutely no obligation. We
aim to give you a decision within 24 hours.
No equity loans UK. Borrow up to 125% of your property value
No equity loans up to 125% of your property value -
low APR loans available if you have little or no equity in your property. We can help you find the most competitive secured loan
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