Welcome loan

[scorpio stu]

Firstly hello to all,My first post.
I have a Welcome secured loan for £26,000 I am re mortgaging at the moment but am only able to raise £19000 of the £26000 in the new mortgage.As the loan is secured are Welcome within their rights to say the whole amount needs to be paid off or are they able to accept the £19000 and re do the balance.
I haven't spoken to them yet as the mortgage hasn't been finalised but agreed in principal but thought I would ask.

Thanks in advance.

[old_andrew2007]

bump

[scorpio stu]

what is bump supposed to mean ?

[scorpio stu]

Andrew,
Please explain what you mean 'bump' ???

[jb07]

when somebody bumps your post, it goes to the top of the new posts, dont worry someone will answer you with more experience.
cheers xx

[old_andrew2007]

Bring
Up
My
Post

It simply moves your post to the top, preventing it disappearing down the list, and gives a chance for someone with experience on the subject to reply.
This link shows the process
http://www.consumeractiongroup.co.uk...ml#post1323268

Andy

[star_scream]

When did you take out the loan?

[scorpio stu]

Roughly a year ago,I can check if it makes a difference.

[star_scream]

No, It's OK. Just that a majority of secured loans pre 2005 seem to be unenforceable.

[Bona]

I Think you will find that the solicitor will not complete the new mortgage as they can not give first charge to the mortgage company unless they have clear title i.e everything must be paid off unless you can do a deal with Welcome