Re: I need a loan in UK

Ronald Raygun wrote:
Gareth wrote:

The only loans of that size I know about are mortgages

That is only partly true. Although mere individuals will indeed find
it difficult to borrow such sums as E400k other than by securing it
against a suitable property, big businesses borrow such sums routinely
without a mortgage.

Well if you are allowed to be pedantic then so am I :)

I did say "..that I know about.." and I personally don't have any experience of borrowing money as a big business.

(loans to buy a house)

Let me point out, if I may be allowed to be a little pedantic (and if not,
I'll do it anyway) that a mortgage is not "a loan to buy a house". It is
a security given as collateral for a loan to buy just about anything.
That is to say, the loan is secured on a tangible asset (usually a house or
land but there exist things such as marine mortgages secured on ships or
yachts), and although it is usually the case that the purpose of the loan
is to buy the asset on which the loan is to be secured, it often isn't.

For example, you might mortgage your house in order to borrow money to
buy a yacht, or a car, or a business asset, or to pay to have the roof
double glazed. Or you might wish to buy a rental property and have it
double-mortgaged, e.g. by funding 80% of its purchase price using a
BTL-mortgage (where the loan is secured against the rental property being
bought), and by funding the 20% deposit by re-mortgaging your existing
house.


Okay, thanks for the clarification.

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