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cupcake68

2nd CHARGE WITH SP LENDER - what do their t and c's mean?

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I have a second charge on my property with a sub prime lender.

 

Took it out as a short term plan which is now a long term noose around my neck!!

 

Having hit hard times we have had to find a way of getting out of a very big financial mess.

 

This has resulted in my father (who lived in a detached annex on our property) moving in with us. We have since redecorated the annex and are now advertising it for holiday lets. (We do have permission from the planning authority to do this!)

 

Having got our 1st booking this week we called to arrange insurance for the holiday let part of the property including legal cover etc.

 

We were informed we had to let our existing insurance co know that we had taken out this sep cover.

 

Having told our existing ins co today they have informed me we can no longer be covered for our main residence as we are running a business from the address.

 

This has highlighted a cople of problems to us.

 

The main one being the sub prime loan!!

 

In their terms and conditions it states

 

The Mortgagor further charges to the Lender by way of equitable mortgage (a) all equitable interests in the Property which now or may at any time in the future belong to him (b) any shares or membership rights which the Mortgagor holds in any company or association connected with the Property and © the goodwill of the Mortgagor relating to the business carried on at the Property, in each case with the payment of the Liabilities (but without prejudice to the validity of the legal charge on any legal estate or interest).

 

Can anyone tell me what that means in simple terms (I am simple!!)

 

Your help would really be appreciated.

 

Thanks

 

CC68

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Sorry!

 

I forgot to mention this is an unregulated credit agreement because it is over £25,000.

 

Any advice would be great

 

Thanks

 

CC68

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