deed of postponement

_Andy_

roseplatt wrote: »

i phoned them they say they are dealing with the halifax is that a good thing

It just means they're liasing with them. All you can really do is sit tight and wait for a decision.

Tiddler_2

As someone implied earlier if GE Money turn down the DoP, then you could just ask the Halifax to lend you the full £14k or whatever, to pay off the GE secured loan and give you the extra £7k.

Assuming it fits on the Halifax's affordability, there should be no problems although you will need to use a solicitor/conveyancer to repay GE Money's charge.

roseplatt

i forgot to ask what excatly is a deed of postponement

money_maker_3

Your main mortgage is known as a first charge and any secured loan you have is a 2nd charge, meaning that they are 2nd in line to get any money should the house be repossessed or sold.

So a deed of postponement is a letter confirming that the Halifax have a right to more money before they would get their share. So long as there is some equity left in the house GE should give the DoP but having had to get one from them on numerous occasions, they arenot the quickest company in the world. They will charge you to send the DOP to Halifax and it can take up to 3 weeks as already said.

You just need to wait and see, but if you ask your mortgage reviewer in Halifax to let you know once the information they requested has been sent, if you then phone GE and tell them its urgent, you can sometimes get it through a bit quicker

roseplatt

have you had one from them and was it diffcult at all will i need to pass any information on

soof02

Hi i applied for a self cert mortage for £72000 in April this year and Black Horse Finance are still deciding whether they will do a deed of postponement as we have a £22,000 fixed loan with them - our house is worth £105,000 and they are really dragging there heels - we have no missed payments on anything and have an accountants letter proving self employed income - Does anyone know what our chances will be? Stressing me out cos we have been off a fixed rate since March - Thanks

_Andy_

soof - You need to be speaking to Black Horse to chase them up.

roseplatt

ive been told this is a third charge is that right

happybroker

All of the charges are the same, the "ranking" ie 1st, 2nd, 3rd etc comes from the chronological order they were registered.

Because Halifax are looking to provide further money after GE registered their charge Halifax want them to sign a form to say the extra will rank ahead of what you owe GE.

I have never heard of a solicitor being required if you were to raise enough money to repay GE, Halifax would normally take care of that. Certainly that is what has happened whenever I have done this for clients.

Re how easy or difficult the DOP process is...for you it's dead easy as you don't need to be involved. Usual hold ups are when a cheque for the fee hasn't been sent with the request (or when it gets lost some where along the line!) or when they are really busy.

I don't think you need to worry about this as much as you seem to be. GE are not the quickest but it would appear to have only been going on for a few days.

roseplatt

are you saying ive nothing to worry about and this will go through its just this money means alot to us because its for our disabled son to make adjustments to the home becaue he isnt going to get better but worse let me know what you think asp and then may be i can stop worrying