Second Charge consent, advice needed!

Angelboots

Hi guys,

I need your advice please.

I am applying for a secured loan, but my current mortgage provider are taking there sweet time, giving consent to having a second on the property.

I have never had mortgage arrears and i have never had any late payments. Can mortgage company refuse consent for any other reasons?

Thanks

K

sammyjammy

I'm afraid they don't have to have a reason, they can just turn down the request, they are all about, understandably, protecting their interest and will also charge you for the pleasure, is it a possibility to borrow extra money from your existing lender.

Angelboots

Hi thanks for the feedback. My lender won't give additional borrowing that can be added to the mortgage, the have also offered me a secured loan. Which i have refused as they have a higher interest rate and the application process takes much longer.

If i have equity in my property will they still refuse?

k1mmie

First Direct will also not allow any secured second charges on a mortgage. I think it depends on who you are with.

foxwales

Do you have to have a secured loan?

As echoed on this site over and over again, it should be your last resort to have a secured loan.

Angelboots

I have just spoken to them and they have given consent, phew!

I know it is a very big risk but it is only until next year August and then i will repay it when i remortgage the flat.

The amount i need i cant get with a personal loan, for some reason when i go through the application for personal loans it always refers me for a secured loan.