Dear members

I want to apologise for this simple question: if I have a home equity of £11,000 how much would I be able to borrow from a lender (secured loan)?

The amount that I need is not more than £11000 anyway, Do you recommend a lender who does not charge for early repayments? in case that they do so, do you recommend any lender able offering reasonable interest rate.

I am not choosing personal loan because my credit is fair and lenders offer me an average of % 20 interest.

In summary the 2 questions are:

1) if I have a home equity of £11,000 how much would I be able to borrow from a lender (secured loan)?

2) Do you recommend a suitable secured loan lender (no early repayment penalties?)

Many Thanks for your help

DrOH

I know you'll think I'm being flippant, but can we revisit this post every week and see how much your equity has shrunk?

It's actually a serious point; given that house prices are declining everywhere except in Northumberland (according to one survey) do you think a secured loan that could soon tip you into negative equity would be a good bet for either you or the lender?

Yes, you are right. I only wanted to switch loan in order to save money, because the one that I have at the moment is 23% interest.

Unless they offer me a very competitive interest rate (I doubt it) I will not do that.

Thank you for your advice

Omar