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Second charge mortgage

Mich85
Posts: 1 Newbie
Hi there
I’m just after some advice please.
I’m looking to move house, currently have £66000 left on my mortgage, looking to sell for minimum £80000 house I’m looking to buy is £95000 and I have £26000 on a second charge mortgage left.
Can I move this second charge mortgage to a new mortgage to consolidate it, or even move it to a the new property.
When I took the loan out with picture we had been given tariff information which included the costs of different things, one of which was a moving house fee of £150 which included a valuation for them to transfer the loan, this seems to have now changed and they don’t offer this since the company has been sold on.
Any advise is welcome
We know we were daft to take this second charge more that’s, but ahe 20 I was daft and didn’t understand the future implications of such a loan.
The loan is affordable and I’m happy to pay it I’m just struggling to see how I can move house with it.
TIA
I’m just after some advice please.
I’m looking to move house, currently have £66000 left on my mortgage, looking to sell for minimum £80000 house I’m looking to buy is £95000 and I have £26000 on a second charge mortgage left.
Can I move this second charge mortgage to a new mortgage to consolidate it, or even move it to a the new property.
When I took the loan out with picture we had been given tariff information which included the costs of different things, one of which was a moving house fee of £150 which included a valuation for them to transfer the loan, this seems to have now changed and they don’t offer this since the company has been sold on.
Any advise is welcome
We know we were daft to take this second charge more that’s, but ahe 20 I was daft and didn’t understand the future implications of such a loan.
The loan is affordable and I’m happy to pay it I’m just struggling to see how I can move house with it.
TIA
0
Comments
-
Hi - does this mean you have a first charge mortgage of £66k AND a second charge mortgage/loan of a further £26k meaning total debt of £92k?
If so, that places you in negative equity (as the current house is only worth £80k).
Do you have substantial savings available? Otherwise I don't think you will be able to move.0
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