secured loan porting over

msharples0782

i have a secured loan with endeavour personal finance and 3 years ago we moved and ported it over with no problems. now we are moving again and after speaking to endeavour again they now say they that i cant port it because they have stopped lending. im not wantin to borrow anymore just literally change the address with the same money, ive had no letters saying they are changing their terms and conditions and i was just wondering where i stand? thanks.

jonesMUFCforever

The loan is SECURED so they hold all the aces. If they won't allow you to port it you will have to pay it off.
The easiest way to do this is to re mortgage the whole amount if you have the equity and you can pass the affordability test.

_Andy_

If they don't allow porting any more then you will need to look at the option jones suggests above.

msharples0782

thanks for the replies, i have also heard and read that if you have a secured loan it now stops with the person and not with the house so practically if i sold could i not just move anyway? also on the back of the agreement that i signed it says that if i change address and telephone number then i should ring them and tell them so whats the deal there?

[Deleted User]

If you are planning on moving,and selling your house then the secured loan will be settled by your solicitor without you seeing the money,thats what a secured loan is,so whoever told you differently was ill informed.

jonesMUFCforever

msharples0782 wrote: »

thanks for the replies, i have also heard and read that if you have a secured loan it now stops with the person and not with the house so practically if i sold could i not just move anyway? also on the back of the agreement that i signed it says that if i change address and telephone number then i should ring them and tell them so whats the deal there?

Woodbine is correct - the loan is secured on the property - its just you happen to live there - if you sell the secured loan would have to be paid off or the lender could refuse to release their security (the mortgage form you signed) and the sale would not proceed.