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Deed of Postponement
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Claire_L_P_Jones
Posts: 5 Forumite
Does anyone have any experience of how long it takes to get a 'deed of postponement' from Lloyds, for a remortgage. The mortgage with another lender has been agreed and the deed has been requested, but it would be helpful to know how long this will take?
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Lloyds has the second charge you want to leave in place so it has to agree to the postponement of the second charge?
TBH I've never done one with them, so wouldn't like to speculate.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 -
Yes. I was just wondering if anyone had any idea of the timescales, or any issues that had arisen. I haven't been told that they were likely to be any problems, but it just seems everything takes soooo long!0
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You do realise there is no guarantee they will agree, don't you? I don't really see they have a convincing incentive to agree.0
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Yes, I'm aware of that. Not meaning to be dismissive of your comments, but you did say you hadn't done one. I'm interested in hearing from others who have waited for a deed of postponement from Lloyds, as it is timescales I'm interested in..0
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Why would Lloyds increase there risk ?
They already have a second charge on you property and you want to remortgage while still owing Lloyds £xxxxx.
They may say Yes no problem you have been reducing you debt to us and the debt on the property so LTV now 40/50/60% or they may say OK but we are increasing the Interest rate you pay on the loan to us.
This is what happened to us recently but everyone is different0 -
Claire_L_P_Jones wrote: »I'm interested in hearing from others who have waited for a deed of postponement from Lloyds, as it is timescales I'm interested in..
Circumstances differ so there's no scheduled time process for such a request.0 -
Thanks both...I'll just have to be patient and hope for the best.0
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Hi, if you give any details please change your username
Claire L P Jones !
Dimbo61 :-)0 -
Yes, I tried that but couldn't work out how to do it!0
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