Restriction on a property

appleorange

I would be grateful for some advice.

I have a restriction on my property from a creditor. I now wish
to get a mortgage. Would a Building Society give me a
mortgage with an existing restriction?

Further, would the creditor agree to an additional charge over
my property?

From Appleorange

holly_hobby

All mge lenders require 1st charge, some don't accept 2nd charges at all.

Succession of charges are based on date of registration (unles deferred).

Assuming you can find someone who will accept your remortgage with an existing charge, the current chargee will accordingly need to agree to defer their charge to 2nd charge position - thereby permitting the mortgagee to obtain 1st charge registration on completion.

If deferrement can't be agreed, then you won't be able to move mge lender (or obtain one if currently unencumbered) whilst the creditors charging order remains.

Hope this helps

Holly

appleorange

Thanks Holly

You appear to know what you are talking about and I shall accept your kind advice. Could you please let me know your occupation?

holly_hobby

Im a qualified financial & mortgage advisor.

Although obviously qualified to do so, I don't advise the public for gain, instead acting as an industry auditor of those advisers who are customer facing.

Hope this helps

Holly

harvey115

appleorange wrote: »

Thanks Holly

You appear to know what you are talking about and I shall accept your kind advice. Could you please let me know your occupation?

She is one of the big ones and knows about her subject

I would trust the information she gives

holly_hobby

Aww ... thats a v nice compliment ... thanks Harvey !

H x