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Second Mortgage or secured loan?


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Hi This is the second post I have going at the moment but I really need to clarify.

 

Back in 2009 I took a second mortgage.

I had a fixed rate for 4 years then went to tracker.

 

After 4 yrs and credit crunch I said to the lender I would like to change my rate to be told I couldn't as it was a secured loan not a mortgage.

I stated no its a second mortgage and all my paperwork refers to it as a mortgage.

 

I now also own my own home Mortgage free (still own and selling the property with the second mortg,)

in my paperwork it states I can transfer the loan onto the new property.

 

I called them (The company who now own the second mortgage as it was sold which was in term and conditions apparently)

I was told because I don't have a mortgage on the home I live in now I cant transfer it.

 

They also say its a loan not a mortgage.

They also told me it was covered by European Mortgage which I said it was under £25k so covered by CCA.

 

I complained they agreed they were giving wrong information but I notice their paperwork no longer refer to it as a mortgage but loan.

 

What can I do

Is it a Mortgage or a loan.

If its a Mortgage then I could have reduced the interest rate years ago.

 

Are they pulling a fast one.

 

The settlement figure means I am just in neg equity

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moved to the mortages and secured loan forum from debt management companies forum.

 

and the company is?

 

dx

please don't hit Quote...just type we know what we said earlier..

DCA's view debtors as suckers, marks and mugs

NO DCA has ANY legal powers whatsoever on ANY debt no matter what it's Type

and they

are NOT and can NEVER  be BAILIFFS. even if a debt has been to court..

If everyone stopped blindly paying DCA's Tomorrow, their industry would collapse overnight... 

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your post contains a lot of confusing references that make it difficult to answer your question.

 

For example you refer to being mortgage free and later to a second company

( company who NOW own the second mortgage but dont say who either of them are and whether you received a proper assignment to the newco)

they certainly cant change the origianl terms so read them very carefully and see if anything the newco has said breaches that agreement.

 

so more detail needed,

how much was the loan/second mortgage for and what was the loan period?

 

Are you saying original mortgage now paid off but this one outstanding?

 

does the agreement allow the lender to claim penalties if the mortgage/loan rate is variable

 

What is the settlement figure as it cant be more than the original amount with a variable interest

because if it was a loan that had a fixed amount added to it

and then calculated as an apr over the lifetime of the loan this can never have a variable interest.

 

It looks like you will be complaining to the FCA and FOS about this

but get all your stuff sorted out first so you can be exact in waht you complain about.

 

lastly what is entered on the deeds of the property?

How the loan is expressed will tell us a great deal,

you may not have to pay them upon selling your house

and that will leave them chasing you with nothing to hold on to so you cann then argue at your leisure

Edited by honeybee13
Paras
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