We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
2nd Mortgage
v5076
Posts: 252 Forumite
Hi
We would like some advice. We have had our house on the market for ages. It is an ex local authority house which the housing association has offered to buy back.
We have two mortgages on the property. However the offer is £5000 short of our mortgages which is just over what we owe on the 2nd charge (6500). Is it worth me asking the 2nd charge company if they would accept 3500 (credit I have available)or do you think this is a no go.
We would like some advice. We have had our house on the market for ages. It is an ex local authority house which the housing association has offered to buy back.
We have two mortgages on the property. However the offer is £5000 short of our mortgages which is just over what we owe on the 2nd charge (6500). Is it worth me asking the 2nd charge company if they would accept 3500 (credit I have available)or do you think this is a no go.
0
Comments
-
NO harm in asking. Alternatively ask of they will convert the missing amount into an unsecured loan.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
-
Also if you arrange a settlement, it may end up showing on your credit report - even if they agree it.
That will have an impact on any future applications for credit.I am a Mortgage AdviserYou 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.0 -
You're in negative equity with no money (if you can sell, and 2nd charge lender agrees to accept a shortfall). In these circumstances it would be better not to sell at all right now.
Appreciate there might be personal reasons/special circumstances but my advice would be to try and resolve these without selling if that's possible.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.5K Work, Benefits & Business
- 599.8K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.1K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards