Moving a secured loan

silly_big_fella

Hi there,

Apologies if is this has been discussed before.

We have a Barclays secured loan on our house. I've been offered a job, which means moving away.

Can I move the secured loan to another property? Of course, this means having to buy a new house straight away. The likelihood is that we'll be moving in with my parents for a while until we sell our house.

How will this affect the loan? Can I move the secured loan to my parent's house and pay them the amount each month? Otherwise, I think I'll be stung with a big fee for paying off the loan early.

Any advice would be great thanks.

CLAPTON

is your property in negative equity?

usually a secured loan has to be paid off when the property is sold

have you checked what the costs of early settlement are?

silly_big_fella

Not sure, it depends on how much we sell it for. With the mortgage and the secured loan, we might be in negative equity.

Sorry for being naive, but what difference would this make?

I'm going to ring the bank tomorrow.