How can I remove a second charge on my mortgage

Fenwick77

I have a second charge on my mortgage from the builder who constructed our house, they have since stopped trading and have went bust, we have reached out to the builder about this charge and they will not enter into conversation with us about the charge, we want to sell the property as its putting us in financial difficulty is there any way out of this impossible situation.

jnm21

Perhaps post this in the mortgage forum (the law is slightly different, but hopefully not significantly in this area, so someone there will hopefully be able to help still).

Have you talked to a mortgage broker?  I would maybe ask them how you can go about a remortgage to see what their advice is. 

Wonka_2

Is there a logical reason why they have a charge on your property ? And assuming mortgaged on what basis did the lender allow that (purchase discount, uplift clause etc) ?

silvercar

If they have actually "gone bust" as opposed to ceased trading, they may not own the charge on your property, so it may not be in their powers to remove the charge.

Is the charge paid off, or if not do you have the money to settle the charge? or do you not think that you owe the money?

When people have second charges it is often because they have borrowed more money at a later date or because they used a scheme on purchasing like help to buy. One solution is to re-mortgage to cover your main mortgage and the second charge into one mortgage.

If it is a question of the logistics of removing the charge on the paperwork then try posting in this thread: https://forums.moneysavingexpert.com/discussion/5685941/land-registry-questions#latest

It may be worth having a general look on the housing board or on the mortgage board.