Secured and Unsecured Loans, Refinancing and Bad Credit Loans
Secured Loans and Unsecured Loans have been the downfall of many an optimistic borrower. The Mortgages Mentor knows this as he was one such unfortunate borrower. If you have been stuck in rental accommodation for years and cannot get a mortgage because you are self employed or need to self certify your mortgage application then you will appreciate the folly of optimistic borrowing. Remember if you get a secured loan it is just like a second mortgage. You can lose your home if you cannot pay it. So debt consolidation loans that are secured on your home mean that you are giving the lender a charge. If you default you can lose your house. But then if you default on loans and credit cards that are not secured on your house you may not necessarily lose it. You could apply for an IVA, in the UK anyway. Of course you might get CCJs and other adverse credit entries against you. Ultimately you could get made bankrupt. The Official Receiver will take a charge on your house. At worst they might just repossess your home.
Be careful out there borrowers and mortgage hopefuls.
Take Care
The Mortgages Mentor
