Additional borrowing with mortgage - non contractor specific question

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psychocandy replied

5 June 2013, 09:42
Originally posted by Old Hack View Post

Remember who owns the digital ticket on 'your' house and they're very unlikely to allow you to secure any borrowing on that piece of paper.

So in short, no.

Creditors can apply to court for a condition of sale order on your house, if you owe them money which you're refusing to pay, so that after the mortgage has been paid, you then settle up with the creditor, if there's any equity left.

Good point. I guess it doesnt make sense having two people having a claim on your house....
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Old Hack replied

5 June 2013, 08:49
Remember who owns the digital ticket on 'your' house and they're very unlikely to allow you to secure any borrowing on that piece of paper.

So in short, no.

Creditors can apply to court for a condition of sale order on your house, if you owe them money which you're refusing to pay, so that after the mortgage has been paid, you then settle up with the creditor, if there's any equity left.
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Old Greg replied

5 June 2013, 08:47
Originally posted by DimPrawn View Post

How would we know?

Look, the man needs a sub. Don't make him beg.
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psychocandy replied

5 June 2013, 08:44
Originally posted by DimPrawn View Post

How would we know?

As a general principle....
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DimPrawn replied

5 June 2013, 08:23
Originally posted by psychocandy View Post

OK. Basically, I want to borrow an additional sum on my mortgage.
Spoke to existing lender - not a problem.

Existing lender is happy to do so, leaving my existing balance at my low rate of BS+1.1%, but then providing additional borrowing of 20K at 4.09%.

However, I was thinking. Am I obliged to remain with my lender for this? Obviously, I don't want to move my entire mortgage off my great tracker rate, but can I go to someone else for the additional 20K? Im guessing not.

Am I right that only option is for additional borrowing via existing lender or secured loan (not mortgage through someone else)?

How would we know?
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psychocandy started a topic Additional borrowing with mortgage - non contractor specific question

5 June 2013, 08:21
Additional borrowing with mortgage - non contractor specific question

OK. Basically, I want to borrow an additional sum on my mortgage.
Spoke to existing lender - not a problem.

Existing lender is happy to do so, leaving my existing balance at my low rate of BS+1.1%, but then providing additional borrowing of 20K at 4.09%.

However, I was thinking. Am I obliged to remain with my lender for this? Obviously, I don't want to move my entire mortgage off my great tracker rate, but can I go to someone else for the additional 20K? Im guessing not.

Am I right that only option is for additional borrowing via existing lender or secured loan (not mortgage through someone else)?
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