mortgage not secured

dorsetgal_2

What repercussions are there if my mortgage is not secured against my house.
I have just tried to change mortgage broker onlly to be told they cannot expect my mortgage because present mortgage is not secured against house. Shall I just stay with present mortgage provider or get them to secure the loan against the house so that I can change!!

magpiecottage

It sounds like the mortgage has not been registered with the land registry. It doesn't mean that the mortgage does not exist.

From the lender's point of view it is a risk because if you simply sold up and disappeared, it would probably be unable to get its money back. It may not be registered because the mortgage was taken out relatively recently but it is more likely that the solicitor did not do his job properly.

I have come across this once or twice many years ago. In one case the solicitor's insurers actually had to repay the loan to the lender.

maninthestreet

I would like a mortage like this - how do I get one?

kingstreet

What exactly is the situation here? No valid mortgage deed, or simply a failure to properly update the charges register at the Land Registry?

dorsetgal_2

I was looking for a cheaper mortgage and was told that the property was showing as mortgage free. I do have a mortgage but that must mean it is not secured against the house. I am paying a mortgage and have been to the same company for about 10 years. The company told me I nead to get my property secured against the loan so that they could offer me a mortgage, and pay the other company. did not know if that would be a hassle so decided to stick with the mortgage company that I have

silvercar

dorsetgal wrote: »

I was looking for a cheaper mortgage and was told that the property was showing as mortgage free. I do have a mortgage but that must mean it is not secured against the house. I am paying a mortgage and have been to the same company for about 10 years. The company told me I nead to get my property secured against the loan so that they could offer me a mortgage, and pay the other company. did not know if that would be a hassle so decided to stick with the mortgage company that I have

You could always apply to the new company as taking a new mortgage rather than a remortgage. They would then give you the money and register the mortgage on the deeds. It would then be for you to use the money to repay the old mortgage.........or you could run off into the sunset with the new money.

maninthestreet

silvercar wrote: »

You could always apply to the new company as taking a new mortgage rather than a remortgage. They would then give you the money and register the mortgage on the deeds. It would then be for you to use the money to repay the old mortgage.........or you could run off into the sunset with the new money.

This is why I want one of these mortgages....