mortgages,deed of postponement

dave210661

Hi can any body help?My three year mortgages deal has just come to an end.I have been searching for a new deal,and have found a great one which i have accepted.This is where the trouble started,I have a second charge on my property,and this company have said they wont sign the deed of postponement.My new mortgags is with the abbey,and i am leaving mortgages plc.The figure at this moment is £114,000 and the abbey said they will lend me £128,000.The extra £14,000 would have paid of all my credit cards,The second charge is £95,000,but the second charge company have said unless i give them the £14,000 they wont sign the D.O.P.The two figures of £114,000+95,000=209,000 and my property has just been valued at £230,000,but because i am getting extra from the abbey the second company are holding me to ransom.Can they do this even though i am not borrowing any more from them.cheers Dave.

silvercar

I can understand their reasoning. At the moment (if you were repossessed) they are held in the queue with the first 114k allocated elsewhere. Why would they want to put themselves in a worse position?

You could ask them if they would lend you another 14k and keep the abbey amount the same.

_Andy_

Yes they can unfortunately.