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Can you move house (remortgage) whilst having a secured loan
NikkeiPositivity
Posts: 69 Forumite
Hi Everyone
We're hoping to buy a new house next year but will have have four years left of a secured loan to pay. We're hoping to pay down our unsecured loan in the year as we consider this to be more of an issue as we have found out it is unregulated and therefore want it gone. We also get interest back on the secured loan upon full repayment (as long as we keep to term) So my question is are we able to remortgage and keep the secured loan against the new property? Secondly if we are will this restrict who will lend to us?
Many Thanks
Nikkei
We're hoping to buy a new house next year but will have have four years left of a secured loan to pay. We're hoping to pay down our unsecured loan in the year as we consider this to be more of an issue as we have found out it is unregulated and therefore want it gone. We also get interest back on the secured loan upon full repayment (as long as we keep to term) So my question is are we able to remortgage and keep the secured loan against the new property? Secondly if we are will this restrict who will lend to us?
Many Thanks
Nikkei
2012 '1% at a time' member 99 - 17% 1% = £167
2013 '1% at a time' member 99 - 15.8% 1% = £139
2013 '1% at a time' member 99 - 15.8% 1% = £139
0
Comments
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Remortgaging is changing lender on your existing property.
Moving home and taking out a new mortgage is not remortgaging.
When you sell your existing property the secured loan has to be repaid in full out of the sale proceeds.
This could impact your equity / deposit when you try to take out a mortgage on your proposed new home.0
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