Can we still move, if we have a secured loan on our current property?

Posted on 24 September 2013 by Darren


Can we still move, if we have a secured loan on our current property?

We are wanting to move homes, but we have a secured loan on our current home, is it possible to still move homes.

Darren,

Without knowing any of the figures involved, I can't say for definite, but having a secured loan isn't necessarily a barrier to moving home.

If you are selling your existing property to move to the new one, then you can pay off the secured loan when you complete on the sale, and take out your new main residence for the total amount you need. On the other hand if you're keeping your current home, to rent out then, subject the loan to value and rental income generated, the new Buy To Let mortgage could be sufficient to repay the secured loan as well.

Before I can say for sure what we can / can't do, then I'd need to know more details of your overall financial position. If you'd like to take your enquiry forward, then please let me know and I'll arrange a convenient time for one of our consultants to contact you.

Regards,

Alistair

contact@johncharcol.co.uk

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