subverbal

I'm looking to buy my 2nd scoob in the near future (couldn't live without one) and my prefered way of obtaining the cash is a secured loan enabling me to pay off all my other 'interests' and get the car too.
The problem (apparently) is that because I'm married it can't be done in my name only (the wife has CCJs) even though it's my name only on the mortgage. I have been put in touch with a broker who's sending me some info.
Thought I'd ask if anyone out there (who's still reading!) has knowledge of any way around this??

MarkO

Can't see why the car can't be financed in your name only if the mortgage is only in your name too.

However, be aware that most mortgage companies won't allow you to take a second charge on the property that their loan is secured on, so this may not be a good route to go down.

If you've got any equity on the property, might it be worth using that to finance the car by extending your mortgage? That way you'll pay a much lower interest rate too (assuming your mortgage rate is around 4-6%).

Amanda-Jane

Speak to your mortgage lender. They might be able to look at releasing some equity in your property and you can normally take it out between 5 and 25 years. Some lenders can go higher then the property value but that is generally not advisable unless thta is the only route you can go.

Unfortunately I can't really give you any names of where to go as I am not independant and I could get into serious bother with work!!

AJ

3times

Subverbal,

A secured loan should only be in the name of the person(s) whose name is on the mortgage, how can you secure a loan on something you do not own.

There are many lenders that will lend to you if you fit their criteria, however it may be cheaper to approach your existing lender or even consider re-mortgaging to another lender.

If you require any further advice please mail me as per profile.

By the way I am Independant and I can either give specific advice or, if you wish, generic advice.

Tony
Tony

subverbal

Thanks for the input. I've had some forms in the post today from a broker so I'll have to see how they load the interest payments bearing in mind my wifes CCJ.