Remortgaging

[skenn_ie]

Q1: What, if any, is the difference between a mortgage, and a secured loan ?.

Q2: Does anyone know of a lender which will accept deferred, or intermittant repayments ? I need to borrow a small (<10%) proportion of the house value, but don't have a regular income, and will largely be dependent on savings plans maturing, and, in 10 years or less, selling the house to move to a smaller property(when our daughter leaves home). We do own the house outright.

 

[ClubMan]

Q1: What, if any, is the difference between a mortgage, and a secured loan ?.

A mortgage is a secured loan. It's secured on a property (or other asset). An unsecured loan would be something like a personal or car loan which does not involve the lender looking for collateral on which to secure the loan.

Q2: Does anyone know of a lender which will accept deferred, or intermittant repayments ?

Some lenders will advance interest only loans - where you pay only the interest and not the capital which must be repaid from some other means at the end of the term.

Might be a situation in which you need independent, professional advice or at least a chat with a good mortgage broker.