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Asking for a loan using the House I intend selling as collateral - Russ 2019-01-22 15:43:45
I want to sell the House I own. My Parents moved into the House in 1971 and it's been the Family Home ever since. (I moved back into the House, permanently, to be with my Mum after my Dad passed away in 2006) Mum passed away last year. I'm alone now and the 3 bed House is too big for me and the cost of maintaining it is more than I can afford. I'm single and I want to sell my property (Mortgage is cleared) and buy a small, one\two bed House or a Flat with a value of around the £80,000 mark. I want to be and feel financially secure in a place that is relatively easy for me to manage. I want to 'sell up' and move on into the next chapter of my Life but I'm faced with a problem...
Before I put this property up for sale, I want to do some very basic decorating and sorting out (A fresh coat of paint in the Living Room, a bit of work done in the garden and a few skips to get rid of some junk that's all... Nothing drastic) unfortunately I have no income at all and no savings and my current financial situation is pisspotical. I'm not the cleverest sprout in the bucket and so I really need information and, very humbly, I'm asking, and hoping, for some sound advice from an expert. Please.

How can I raise the funds to make the move? Does anyone know if a Bank (I bank with Lloyds) would accept the House I intend sell as collateral against a small loan of around £2,500 with a repayment plan that would allow me to pay back the money I owe on the loan in full from the money I make when the House is sold?

I don't know if I'm an idiot to contemplate the possibility of a Bank entertaining the idea. If I am, then please feel at liberty to say so.

Online estimates suggesting the current value of the House I want to sell are all very similar...

£180,000 average
£160,000 min
£240,000 max

I post this in the hope that someone might be able and willing to offer me some helpful advice. I would be very sincerely appreciative of it.

Thank you,

Russ.

Replies
   
Re: Asking for a loan using the House I intend selling as collateral - Jane 2019-01-22 16:35:10
I am sorry but this site is for people who have debt issues and are looking to resolve them. We cannot advise on loans etc. Go to the Money Advice Service website as they may have useful information there you can use and you could always have a discussion with your own bank. I am afraid this site is not for others to post their experiences on.

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