Posted on 8 July 2013 by Mike
I currently have a mortgage on my property. When I originally purchased it my mother had a "second charge" on £20k that was used towards my deposit. This second charge simply states that when the house is sold my mum will get the £20k after Santander have taken their share. I have phoned Natwest who say they won't lend if somebody else has a charge on the property. Do you know of any other companies that would be able to lend on this criteria? Thanks
A simple ‘deed of postponement’ will be acceptable by most lenders. Without knowing the full background to the case, such as to loan to value, income etc is difficult to give you more information. Some lenders may refuse to accept a ‘deed of postponement’ if the loan to value is too high.
If you are looking to re-finance your property, you may want to speak with Santander in first instance and confirm with them if they can offer you any ‘retention rates’. Other circumstances such as income, debt, type of property etc are important and as ‘the devil is in the detail’ our consultants will need to have a more detailed chat before they recommend a suitable solution.
If you'd like to find out what we can do to assist you, then please let me know and I'll arrange for one of our consultants to contact you.
More than mortgages, talk to me about:
Financial Protection | Investments | Personal and Corporate Pensions | Home Insurance
General Insurance | Valuations | Conveyancing | Wills | Home finders
Answers provided in response to Ask the experts are based on the information provided and do not constitute advice under the Financial Services & Markets Act. They reflect the personal views of the authors and do not necessarily represent the views, positions, strategies or opinions of John Charcol. All comments are made in good faith, and John Charcol will not accept liability for them.
We recommend you seek professional advice with regard to any of these topics where appropriate.