We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Large deficit on two mortgages
Papa_Fred
Posts: 1 Newbie
Have a first and second mortgage which exceed the realistic market value of the house by over £50000. Is it possible to sell and rent back the house if permission is obtained from the main mortgage lender and we offer a lump sum via a third party to settle the second charge lender's account? Any help would be really appreciated.
0
Comments
-
I really don't think so there has to be quite a bit of equity I think so. A family member looked into it a few years ago but saying that they were not so heard of then. Have you asked on the mortgage board there are some mortgage advisors on there who may know more.0
-
Are you saying that you own a house with a mortgage of, say,
£150,000 mortgage
£50,000 secured loan
and you want to sell it for, say, £150,000 and use that money to pay off the mortgage, and then borrow £50,000 from someone to pay back the secured loan?0 -
And then pay rent on the house too.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards