Personal Loans

T

TheWexican

Guest
Hi
I am looking to borrow €35,000 to pay of some existing loans and do some home improvements. Remortgaging isn't an option as I don't want to give up my tracker and secondly I'm in negative equity. What I was hoping to do was to secure the loan by way of a site I own, valued at a pesimistic €60,000. I plan on doing nothing with this for years, and was wonderingif the banks will accept this as security, as the value would exceed the loan.

Any advice would be much appreciated.
 
Would it not be easier to sell the site, pay off the debts, and invest the surplus?
 
Can't really as it was a gift from my father, and would like to think in a few years would be able to build something on it for a permanent res or something for the summer months
 
Personal loans are usually unsecured but either way you will probably have a problem getting approval from any bank if you re looking at consolidating other banks debt. They're not interested in that at the moment. I would suggest that you are better off to just keep paying down the debts you have, defer the home improvements and start a credit union account to give you some flexibility for any future borrowing.
 
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