Sale of hhouse - keep mortgage

WishingonaStar_2

Hi, I am going through a sale of my property. However, I will not be buying again until next year. Is it possible that I can pay off part of my mortgage (it's £100k). I would like to keep my existing lender on the low rate I have and was thinking of paying off say £90k and keeping on £10k. does anyone know of this is allowed to happen? My mortgage is with Acenden (aka Capstone) and I'm worried because of past debt problems the High St banks won't touch me, even though I will have paid off my debts after the sale of the house.

bryanb

No chance, the lender will not let you sell till they are paid off.

Dave_Ham

Hi - you better check with them.

Typically lenders will allow 3 or 6 months after and they are quite strict on this.

They will be the only ones who can answer this I fear..

Good luck

holly_hobby

Your mortgage debt is currently secured by the lender, under 1st charge on your property.

In order for the property to be sold, you need to be able to provide free title i.e no unsatisfied/existing charges on compeletion.

So, if you do want to retain 10k of your mge os - as your lender would need to release the charge on the property to permit the sale to complete, and thereby no longer have a property to be mortgaged, they would need to tsf the 10k to a personal loan arrangement, and would need a new agreement to satisfy the requirements of the Consumer Credit Act (CCA74).

Honestly speaking ...... don't hold your breath, as I would be astonished if they agreed to this ... but I suppose, "you don't ask you don't get" ... but be prepared for a "computer says no".

Hope this helps

Holly

Dave_Ham

Stupid me, did not read all of opening post.

You have absolutely no chance, sorry.

WishingonaStar_2

many thanks for all of your replies. I thought it was a long shot. I have a CCJ too which may hinder my chances of a new mortgage next year. I will have 50/60% deposit though so will this improve my chances of a decent mortgage?

Simon_gloster

Dave,

Was acenden SPML? If so their mortgages aren't portable therefore if you are on a good rate and want to keep it, you ahve 2 hopes, and one of them is dead golfing comedian.

Dave_Ham

Slapped on both wrists....!

With a 50/60% deposit there will be a solution, so long as defaults and CCJ's are satisfied and not mega recent...

WishingonaStar_2

:-) CCJ is satisfied and expires in 2014, no defaults. :-)

Dave_Ham

Then you will be ok - all the best

DVardysShadow

WishingonaStar wrote: »

:-) CCJ is satisfied and expires in 2014, no defaults. :-)

Was the CCJ satisfied within 1 month of being issued? If it was, it should not count as adverse credit.