Mortgage Without inlaws but living in property

silvercar

Hoenir said:

silvercar said:

Could you put it in your names and the in laws have a charge on the property deeds representing their share.

1st charge holder , the mortgage lender is unlikely to grant permission. 

Do first charge holders (ie mortgage lenders) have to agree to a second charge being placed after the mortgage has been taken? I would have thought not as there a lot of secured loans on the market and none of the advertising states that the loan is subject to a mortgage lenders consent?

Hoenir

silvercar said:

Hoenir said:

silvercar said:

Could you put it in your names and the in laws have a charge on the property deeds representing their share.

1st charge holder , the mortgage lender is unlikely to grant permission. 

Do first charge holders (ie mortgage lenders) have to agree to a second charge being placed after the mortgage has been taken? I would have thought not as there a lot of secured loans on the market and none of the advertising states that the loan is subject to a mortgage lenders consent?

Why would the advertising need to state this?  All secured loans are themselves mortgages. The primary mortgage holder by default will wish to be ranked first as a creditor. Legally there needs to be agreement that the subsequent mortgage holder is ranked second and so on. There also some other legalities that could come into play in certain situations that need to be covered. Secondary loans carry a far higher rate of interest for good reason.