Are you thinking about getting your hands on an equity loan to fund other projects that you’ve been dreaming about? This is a popular loan product, because it really is freeing — you can use the proceeds from your equity loan for just about any purpose that you can think of. If you wanted to pay for your dream wedding, you can do that. On the other hand, if you wanted to make improvements to your home, you could also do this as well. You just need to make sure that you know what you want to do and how you’re going to actually take care of that.
What about borrowing against jointly owned property to make your dreams come true? This is possible but you have to remember you must get the other party’s consent. There’s no real understanding of “half” of the equity of the home. It’s really all of the amount you request or none of it at all. This means that if you have plans to use 25,000 GBP worth of equity in your home, you can’t ask for 12,500 since that’s just your half. The other party has to be on board.
We suggest that no matter who the other party is, that you really do make sure that you are looking into talking things out fully. One of the top things that breaks up a relationship are financial issues. So if you’re going to go for an equity loan of any kind, you need to make sure that they know about it — and just not because you’re bringing home the papers. You have to make sure that you focus on open communications. If you just try to spring it on them without talking about it, you’re going to make it hard for them to actually trust that you’ll respect their decisions. That’s really not the type of thing that you want to bring up at the last minute anyway. It’s better to have a battle plan ironed out before you have to make the actual application. If you’re approved, you still have to wait for the money to be disbursed to your account anyway. This isn’t going to be something that’s an overnight process, but it’s still worth looking into if you’re ultimately serious about reaching your goals.