We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Can we keep our homeowners loan £24,000 without owning a property?
Options
ziopin
Posts: 11 Forumite
Hi, we have an amazing rate on a small homeowners loan, which is tied into our property. We are in the process of selling up, and wondered if we could keep the loan going, without buying a new property?
0
Comments
-
Unlikely. Your solicitor will need to repay all credit secured on the property before he can give unencumbered title to your purchaser.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
-
If the loan is secured by a charge on your property then no is the most likely answer. As the low rate is secured by the property itself. In selling a property all charges will need to settled or transferred.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards