Remortgage question

edtheduck_2

i am remortgaging from Halifax to Abbey and have received an offer etc.
With halifax i had a 45k mortgage which was discounted until 31/5/07. i then got a further advance of 15k discounted until 2009 sometime. i am remortgaging for £80k.
My question is this - is it possible for me to go ahead and get all the money in place asap, but put off redeeming the 45k mortgage until 1st june - this way i avoid £1000 in penalties. the other one, i'm prepared to just forfeit the charges as i want to switch now.
I would want the rest of the money released to me asap though as i have plans for it. i would leave the solicitors enough to redeem iton 1st june. is this feasible?
thanks

danjberry

no as both lenders will want the first charge on the property.

silvercar

if you are desparate for the money, and can't raise a short term loan anywhere else in the mean time, have you thought of asking Halifax for a further mortgage advance at their standard variable rate (so no penalties) until June?

edtheduck_2

i dont understand - why cant i put off paying them until june 1st, so long as i leave enough with the solicitor to cover £60k that i owe halifax. i will continue to pay the mortgage 'til then, its just the charge on the property wont transfer from halifax to abbey until june.
but in the meantime as soon as the money comes through i get the other £20k. am i wrong about this?
thanks

danjberry

because if you dont pay the mortgage and they have to repossess you who will get the property? Halifax or Abbey? The idea of a first charge is who get priority over the property if they reposess? and if you have 2 mortgages they will both want this "first charge" which will be registered with the land registry so who will be on the first charge? And if Abbey release the money they will want the security of the proeprty as soon as they release the money, i.e a first charge, but as you still owe halifax £60K they will have the first charge. I agree with Silvercar if you need the money get a further advance

AndrewSmith

All you can do is delay completion of your new mortgage till the 1st June but this will have to be for the whole £80,000.

edtheduck_2

thanks for all your replies - have decided to just pay halifax when money comes through. will prob take a while anyway so.....
thanks
ed

_Andy_

scott33 wrote: »

This company offers very good help and advice regarding charges etc.
Best Remortgage Rates

Lamer spam reported.