Second Charges

tsteedman

HI

Has anyone had issues with a second charge being refused by first mortgage? Newbury have just done so even though the 2 together would not be even half the value of the property. Issue I have re mortgaging with another mortgage for full amount is the property is owned by myself and mother, and she is now 70 and very few companies out there will do above age 69.
Im consolodating and using bit extra on work on house to be done.

Can they legally do this ?

I did go to them first but said no as consolidating.

Not sure what to do now as trying to reduce monthly outgoings and this has now blocked everything. I would also point our that we both have life covers to match both secured loans.

Thanks for any advise
Tina

Let_Us_See

Yes, they can. As you are with Newbury B S I assume affordability is not a problem and there are other lenders who will accept your mother on a re-mortgage. I suggest you engage a broker.

Thrugelmir

tsteedman wrote: »

Can they legally do this ?

Yes. The first charge holder has the right of veto.

even though the 2 together would not be even half the value of the property.

The quick answer is this not the way that mortgage lending works.

I did go to them first but said no as consolidating.

Which will explain their attitude now.

You may be better off approaching a mortgage broker and remortgaging for the total amount you require.

tsteedman

Hi

Have tried but cannot do with mum being 70.

We already have a second charge and this new one will be taking over thats all. As the company have given better terms.

Any ideas?

Tina

Senior_Paper_Monitor

Technically there are lenders (but not many) who would probably do this.


Frankly Newbury (who we use a lot and for some of our 'less than standard' cases) are one of them - this sounds like a subjective decline based on their concern over an apparent history of consolidation/secondary borrowing.


With concern over your mother's age (potentially reducing income) added to the profile it will not be easy to place in the limited market available - get a broker on the case.

Let_Us_See

tsteedman wrote: »

Hi

Have tried but cannot do with mum being 70.

Any ideas?

Yes, engage a broker. You have tried your best and now you should let a broker take over as there are lenders that will consider your situation.

tsteedman

Had a Broker on the case but they haven’t been able to help. Many due to the consolidation. As for mums age, we both have life cover more than covering the outstanding balance. & The house is worth twice the mortgage.

I think for this year I will have to leave it and try and resort next year when the fixed term is up.

Many thanks for advice

Tina