Mortgage and Mesher Order

WYSPECIAL

I am looking for a new mortgage but there will also be a second charge on the house relating to a Mesher Order.

LTV for the mortgage will be 50% or just under. Affordability criteria doesn't seem to be an issue.

Second charge will be for a fixed sum payable to my ex at the usual trigger points for a Mesher, the one I am specifically planning for is youngest child finishes FT non advanced education.

Is the second charge likely to be an issue to most lenders as clearly they are not at any additional risk as they have first charge?

cahillg81

There are options assuming the Mesher is 2nd charge and the lender retains the 1st charge. Speak to a broker.

WYSPECIAL

cahillg81 wrote: »

There are options assuming the Mesher is 2nd charge and the lender retains the 1st charge. Speak to a broker.

Yes lender retains first charge.

Can it only be dealt with by a broker or would any mainstream lenders be likely to lend?

cahillg81

Brokers deal mainstream as well, but situation could get tricky so probably best speaking to someone who has experience of the market from various lenders rather than pigeonholing yourself with one lender who could prospectively waste your time.

Obviously I have a vested interest being a broker but if I need my electrics checked I hire a spark, if I need legal advice I go to a lawyer if when I needed mortgage advice even as an underwriter I consulted my broker at the time. Sure it may cost a few quid but it generally removes the stress and the effort.