I want a secured loan but my property is shared ownership and I have adverse credit.?
Answers:
There is some good info here.
One option -
Secure it from mone you already have. If you need $1000, put $1000 in the bank, then they will you pledge that money, and loan you $1000. Usually the interest rate is 2 - 3% over what you're earning in dividends on the money. This is an excellent way to build credit.
I'd guess that you will be unlikely to find a lender.
Shared ownership means that you only own 25% of the property and pay rents on the rest to the housing assoc. That being the case, many lenders already view you as a higher risk, since you weren't able to buy on your own, you needed help.
And adverse credit as well? This will be tough.
You need to find a specialist lender that deals with unusual circumstances. Better yet, you need to find a mortgage / loan broker with some experience.
The down side is that you are likely to pay quite high fees and a higher than average interest rate for the duration of the loan.
The Secured Loan information post by website user , LoanSecuredLoan.com not guarantee correctness.