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Can we keep our homeowners loan £24,000 without owning a property?
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?
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Comments
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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
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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
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