Tradefair & Financials
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I have a property with two secured loans attached to it. One with main lender for £116,000 and the other with a different lender for £41,000. Total borrowing £157,000,property value £120,000. my question is this - is it possible to sell house and redeem main lender who has first charge on property then negotiate with the second lender or can the second lender stop the sale as they know they wont get anything from it?Any help greatly appreciated.
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p.s this is one of 23 properties i own, can they take equity from another???
You have no chance bg,when the sale begins to go through the agents financial adviser will check your status and cancel. If it gets past there the solicitors will search for any second charges and the sale will stop before it can be completed by the new mortgagee. Your only chance is to get an unsecured personal loan to pay off the second charge first before trying to sell the house.
Second charges aren't worth the paper they're written on though and you might be able to swing a reduced deal with the greedy feckers that agreed it.
thanks for the advice. think i,ll just sit tight, not main residence but a buy to let, but one of the portfolio i,d like to release.
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