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Deed of postponement, is it needed?
mylifemyrules
Posts: 104 Forumite
Hi,
Is a deed of postponement needed if I want a new deal with my current lender? Can't remortgage for 10 years till councils land charges are removed. Thank you.
Is a deed of postponement needed if I want a new deal with my current lender? Can't remortgage for 10 years till councils land charges are removed. Thank you.
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We've moved this to a more appropriate part of the forumOfficial MSE Forum Team member. Please use the 'report' button to alert us to problem posts, or email forumteam@moneysavingexpert.com0
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No, the current lender already has first charge, so no need for a deed of postponement.I'm a Forum Ambassador on the housing, mortgages, student & coronavirus Boards, money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.1
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No.
A deed of postponement would only be needed if you were remortgaging to a new lender. This prevents the council's second charge being promoted to a first as the mortgage lender will require a first charge over the property.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.1 -
Thank you for your responses 😊0
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