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HSBC refused to all me to get Ocean loan
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To be fair to HSBC it could be argued that they are acting in the interest of their borrower by preventing them over-borrowing.0
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If I were lending money, I wouldn't take a second charge for £29k on equity of only £13k. The second charge means that the lender (of the secured loan) gets a nibble at whatever equity is leftover, once the "first charge" lender (the mortgage lender) has had their share.
So ..... I would, at best, get £13k ... but more likely nowt, if it were a forced sale.
I am more concerned to understand why someone is prepared to put their house on the line for another £29k (in addition to the mortgage).
Jasmine Sheffield - I think we can help you better if you tell us a bit more about the situation. Why do you need £29k?Warning ..... I'm a peri-menopausal axe-wielding maniac
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