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magiciansgirl

Notifying Second Charge Lender about Remortgaging

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Hi, hope this is the right place to ask this question. I may be able to remortgage and pay off my secured loan (sub-prime and villains). However on the website for the loan co it says I must consult them first before re-mortgaging. I don't think it's any of their business, but would I be doing something illegal if I did not? :???:

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You don't have a choice. As they have a financial interest in your property the 1st charge holder is obliged to provide details to them.

 

They are entitled to stop you if further secured lending weakens their position but if the remortgage is to clear your debt with them that shouldn't be just grounds for doing so.

 

If the remortgage simply increased the total secured debt, your mortgage lender would need to request a deed of postponement from the second charge lender and in most cases they will refuse. This is even more relevant at the moment with property values falling.

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