Selling my house and secured loan

Talky12

Hello all
I’m after some advice
I’ve had a sale agreed on my property and have enough in the sale to clear my mortgage but not my secured loan.
My plan was to carry on paying the loan off after the sale completed and put whatever difference there is between sale price and mortgage redemption towards it, I’ve now been told I can’t do this, is this true?

davidmcn

It's a secured loan. If you no longer own a property then you won't have anything to secure it against. Easiest way of doing this is to ask the lender if they'd accept the smaller amount being changed into an unsecured loan. Failing that you'd need to find the money elsewhere, or not sell.

TonyMMM

The sale can't go ahead without the charge on the property being removed, so you will have to work out another solution.

Talky12

Thanks peeps
I’ve been in touch with the lender who’s ringing me back tomorrow to discuss options, any idea what they may be?

Thrugelmir

What can you offer them?

G_M

Talky12 wrote: »

Thanks peeps
I’ve been in touch with the lender who’s ringing me back tomorrow to discuss options, any idea what they may be?

1) pay off the loan (eg using savings)
2) pay off part of the loan and switch the remainder to an unsecured loan
3) switch the entire loan to unsecured
4) increase your sale price so that you can pay off the entire loan
5) withdraw from the sale
6) pursuade your buyer to take on the property with the loan still registered as a Charge
7) teach your pet pig to fly

DCFC79

Talky12 wrote: »

Thanks peeps
I’ve been in touch with the lender who’s ringing me back tomorrow to discuss options, any idea what they may be?

Got anything to trade ?
Any livestock ?
1 pig, 4 cows, 10 hens, 12 chickens, 2 ducks and 1 tractor should just about do it.

G_M

DCFC79 wrote: »

Got anything to trade ?
Any livestock ?
1 pig......

is that a flying pig....?