Homeowner Loan - repayable on sale?

brokemummy1978

Hi,

I have a homeowner loan which runs alongside my mortgage with the Halifax with my ex husand.

My ex husband and I put house up for sale and got offers of £125,000- £128,000. The agent did a market appraisal of £154,000. The amount we need to cover our £19,000 loan and £117800 mortgage is clearly not going to be reached any time soon.

If we sell the house at the £125,000 mark does anyone know if we could keep the loan running by itself with the remaining amount?

Thanks

talana

A homeowner loan is a secured loan, secured against your property.
If you no longer own a property, then they won't let you keep the loan.

They might demand full repayment, they might I suppose let you rearrange to secure it against another property (assuming you have one), or you may be able to transfer a sum to an unsecured loan. What you definitely won't be able to do it keep it as is.

You need to talk to them and find out your options.