Anyone got experience of selling house with a 2nd Charge on it from Nemo?

orangatan

Hi,


I have a mortgage for £95000 and a second charge nemo loan of £18000. I think I may just about break even with sale of house but if not (say I was a couple of grand short) would nemo let me continue making payments till debt cleared even if there is no house to secure it on??


Many Thanks

[Deleted User]

You'll need to ask them. What may be true in one person's scenario may be very different to yours.

Richey_

Hi Orangatan
In June 2010 you had a mortgage for 95k and an unsecured loan of 18k, has nothing been paid off in the last 6.5 years.
Also back then you thought your house was worth 115k, has it not gone up in value since then?

orangatan

Secured loan I still owe more than I borrowed and mortgage is interest only!!


House needs new windows and work doing so my guess is still worth that! I was just enquiring about how secured loan companies work and if I would be able to sell.

Clive_Woody

I would be surprised if they were willing to give up the security on their loan and have part of it become unsecured.

Suggest you give one of the free debt charities a call (STepchange) and see if they can offer any advice

foxy-stoat

Richey_ wrote: »

Hi Orangatan
In June 2010 you had a mortgage for 95k and an unsecured loan of 18k, has nothing been paid off in the last 6.5 years.
Also back then you thought your house was worth 115k, has it not gone up in value since then?

It was an interest only mortgage if you read up.

I would ask Nemo for a settlement figure including all legal fees and charges and a settlement figure from your mortgage lender so you know exactly where you stand.

Ask Nemo if they will release the charge on completion of a potential sale if there is a small outstanding balance, if not then you will need to overpay or save up the diffence.

You will have Estate Agent and legal fees of your own also.

Good luck

orangatan

foxy-stoat wrote: »

It was an interest only mortgage if you read up.

I would ask Nemo for a settlement figure including all legal fees and charges and a settlement figure from your mortgage lender so you know exactly where you stand.

Ask Nemo if they will release the charge on completion of a potential sale if there is a small outstanding balance, if not then you will need to overpay or save up the diffence.

You will have Estate Agent and legal fees of your own also.

Good luck

At last someone not getting at me Thanks for your advice. I have emailed Nemo and asked the question and they have rang back but I missed the call. When I rang back it keeps me on hold and then cuts me off.

Richey_

No one was getting at you, I was merely enquiring if after the advice you were given 6.5 years ago you had used any of this advice or not. You were given good advice then. I was also surprised that your house had not increased in value as in most areas houses have gone up in this time frame, some significantly. You may find that your house is worth much more than you thought which may help you solve your issue.

Richey_

And for the self loving Stoat, it may have been that either the mortgage had been moved to a repayment mortgage or overpayments had been made