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Secured Loan Question


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Can anyone tell me whether it is legal for a company to accept an application for a secured loan, when that person does not appear on the mortgage deeds for the property the loan is secured against.

 

And then whether by telling that persons husband that he needs to sign the secured loan application form, "because he lives with the applicant", rather than say he is signing for a secured loan.

 

I think the first answer is no - could someone provide the legislation for me please.

 

And the second question, would that come under misselling a loan?

 

Look forward to your reply!

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I would suggest this is miss-selling and devious. But the 'husband' ought to examine the agreement before signing anything. That is just plain common sense, if he did it should say "your home is at risk if you do not keep up with your mortgage or other loan secured on it...blah blah blah".

 

Who is the company doing this ?

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I would suggest this is miss-selling and devious. But the 'husband' ought to examine the agreement before signing anything. That is just plain common sense, if he did it should say "your home is at risk if you do not keep up with your mortgage or other loan secured on it...blah blah blah".

 

Who is the company doing this ?

 

HFC.

 

I wasn't aware in the bit I sign of any warning about the house etc.

 

And am sure if it was there I would have read it, will look up the original form to see what it says it - for all intense and purposes, they could have used an unsecured loan application form?

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