Is letter of consent and postponement a standard ?

mrstingy2022

hi All
Just trying to remorgage the house with first direct and they need the letter of consent and postponement from my wife. The mortgage is in my name as i wonder if this is a standard procedure for all banks to require this or not? It is rather strongly worded which got me worried if she really has to sign it.
Regards

silvercar

Letter of consent is to stay that if they needed to repossess, your wife wouldn’t obstruct them. That is fairly standard.

postponement is usually required when there is another charge on the property other than the mortgage. Charges rest in order, so a remortgage would clear the existing mortgage and promote the charge to first position. To agree postponement puts the new mortgage in prime position. So the question is who has a charge on the property?

mrstingy2022

silvercar said:

Letter of consent is to stay that if they needed to repossess, your wife wouldn’t obstruct them. That is fairly standard.

postponement is usually required when there is another charge on the property other than the mortgage. Charges rest in order, so a remortgage would clear the existing mortgage and promote the charge to first position. To agree postponement puts the new mortgage in prime position. So the question is who has a charge on the property?

if its standard than my wife has to sign it and off we go to remortgage