deed of postponement

[roseplatt]

the halifax have applying for a deed of postponemnt from ge money because we are taking an advance and we have a secured loan with ge money is their any reason they might turn us down

[roseplatt]

what is a deed of postponement and are they easy to get

[tiglet]

What exactly do you mean Rosie? Give us a bit more info and we may be able to help.

[MARTIN3030]

2 threads merged

[roseplatt]

we have a mortage with halifax for 71,000 and they have approved an advance for 7,000 and weve just changed to another fix rate because our current one finishes in october and we have a secured loan with ge money for 7,000 and we need to get a deed of postponemnt from them what is it and are they easy to get our house is worth 120,000

[I've got no money]

Are you sure that they need a deed of postponement - can't they tack onto the original mortgage...

 

In answer to your question - at the moment if your house was sold - the Halifax would get the first 71k, then GE would get the next 7k. If Halifax advanced another 7k on a sale that 7k would be paid after GE capital got its 7k. So if there was a shortfall the second charge to Halifax would be paid last and possibly not in full.

 

If there was a postponement then Halifax would get its 78k first then GE capital would get its' 7k out of what was left.

 

Often mortgages have a provision which allows tacking - that is to make a further advance but to tack it on to the first mortgage

 

Just out of interest would it be cheaper to borrow 14k from the Halifax and pay off GE capital

 

I hope that helps

[roseplatt]

is it diffcult to get a deed of postponement

[I've got no money]

It depends on the lender - I'm not sure what GE are like - in principle as there is a lot of equity there shouldn't be a problem - It really is up to GE Capital...

[Rooster-UK]

Hi Rosie.

 

Just a suggestion. If your username is the same as your real name, you might consider a new username which doesn't identify you.

It is well known that the banks and DCAs read these forums, so it's better not to give them anything that they could use against you.

 

If you want your username changed, just send a PM indicating your choice of name to any team member and it will be passed on to administration to implement. If the name you choose has already been used then we will pick some thing close to it for you. Alternatively give us a few names to work with.

 

Regards, Rooster.