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85% mortgage persimon loan
Matt999
Posts: 2 Newbie
Hi I have been living in my house 4 years and have had a letter about paying the 15% back . Would It be possible to add the 15% to my mortgage or do I have to move out in the years I'm not sure what is best to do I have 6 more years to sort it out but would like to start sorting it out
thanks Matt
thanks Matt
0
Comments
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Do you mean 6 years to pay in full, or in 6 years time you need to start making payments toward clearing it?Trainee Building Surveyor
DIP 12/02/13 - Mortgage application 13/02/13 - Valuation 14/02/13 - Valuation OK 22/02/13 - Mortgage offered 05/03/2013 - Completion 22/03/2013
FINALLY IN MY FIRST HOME!!! WAHOOOOOOO! :beer:0 -
If you have sufficient equity, you can ask your current lender for additional borrowing, or you could remortgage to a new lender for enough to repay the existing mortgage and second charge loan.Hi I have been living in my house 4 years and have had a letter about paying the 15% back . Would It be possible to add the 15% to my mortgage or do I have to move out in the years I'm not sure what is best to do I have 6 more years to sort it out but would like to start sorting it out
thanks Matt
If you do nothing, you begin to pay interest on the second charge loan, you do not actually repay the loan until you sell.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 -
It's 10 years or sale which ever comes first . So I can get it sorted buy adding it to my mortgage0
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