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secured loan and moving
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amybear
Posts: 6 Forumite
I have sold my house and seen a house I want to buy. I have a mortgage and a secured loan on the house. Can someone tell me what problems it would cause, moving the secured loan onto a new mortgage, against a new property?
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You will need your new first charge mortgage lender to accept there will be a second charge over the property and that affordability is good for its mortgage when the loan is taken into account.
You will also need your second charge lender to agree to a deed of postponement so its charge is a second charge from day one.
Doesn't it make more sense to repay the second charge from the sale proceeds and have a larger first charge mortgage, probably at a lower overall cost?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
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