|
 |
2008-01-28 08:58:12
Bad Credit Renovation Loans: Can I Borrow Money to Fix Up My Home?
|
 If you are reading this article then I can only assume that you either own a home or flat, and are a resident in the United Kingdom. People normally don't renovate rented homes, so I can only assume that you own your residence.
Let's say that you really need to renovate your kitchen and three bathrooms. The kitchen is old and out-dated, and your bathrooms are starting to fall apart. You recently had a general contractor give you a 30,000 pound quote to complete this work.
Now most people don't have 30,000 pounds lying around in their bank accounts. This is when a "secured homeowner loan" will come in handy. With a secured loan, you can borrow money against the equity in your home up to 100k pounds, depending on the value of your home and outstanding mortgage.
"But wait a second!" you say, "I have a terrible credit history and outstanding arrears on my mortgage. There is no way that a bank will issue me a loan, even if it is secured against my home!"
This just isn't true. The reason why? Because you are pledging the equity in your home as collateral you are seen are a good credit risk. Regardless of any CCJ's, outstanding arrears or bad credit reports that you may have. If you default on the loan, the bank will still be getting their money. If the loan wasn't secured, then you might have a problem. Owning a home is the great equalizer when it comes to borrowing money. Bad credit risks become good credit risks instantly if a home is added to the equation.
Don't be afraid to apply. What's the worst thing that could happen? They say no? The odds of that are not very likely if you own a home.
Applying for a renovation loan is quick and easy. Simply click the link that you see below this article and you will be taken to an easy to use application form. Filling it out will take five minutes of your time, and within a day or two an agent will ring you up and discuss with you your options. Please note: there is no obligation to take out a loan should you be accepted.
Apply for a Lending Place secured loan today!
|
|
Most Recent Articles
|
|
|
Get a Free Loan Offer Today - Click Here
There is NO FEE and
you are under NO OBLIGATION!
We'll Compare over 250 loan plans and search over 90% of the loan market.
Applicants with bad credit history, Mortgage Arrears, Missed payments or CCJs are welcome.
A lot of big banks competing for your business - Apply Today
|
|
|
|
Get Your Free Loan Offer Today - Click Here
There is NO FEE and you are under NO OBLIGATION!
We'll Compare over 250 loan plans and search over 90% of the loan market.
Applicants with bad credit history, Mortgage Arrears, Missed payments or CCJs are welcome.
A lot of big banks are competing for your business - Apply Today
|
|
|
|
