When my wife and I discovered that she was pregnant we became frantic. Where we lived at the time wasn’t exactly the size required for a young family! We needed a starter home; a place for our child to grow up. We wanted to buy somewhere that wasn’t too big but equally allowed us the space to have a room for our child when she was born.
Getting a mortgage was going to prove difficult as both my wife and I already had bad credit records as a result of student debt and a couple of missed payments. A friend suggested we try to source a secured loan to allow us to get a foot on the property ladder.
The Collateral
One of the terms of a secured loan is that in order for the lender to process the application, you would have to offer something up as collateral, usually something of equal or more value than that of the actual loan. We were getting a loan for GBP 45,000; unfortunately, there was nothing we owned that was worth that much. We were at a loss to find something either one of us possessed that would even come close. Fortunately, my wife’s parents were gracious enough to allow us to use their home as security for the loan.
Before...
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