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Jo C.
Jo C., Barrister
Category: Law
Satisfied Customers: 30929
Experience:  Over 5 years in practice
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Hi there,Currently on a part interest and part repayment

Customer Question

Hi there, Currently on a part interest and part repayment mortgage. In the process of changing mortgage lender so that i can get back on full repayment as their interest rates are lower than current lender. The lender has approved the mortgage. However i have a secured loan with First Plus with a balance of 52K and they just refused my application for a deed of postponement as they said that with their loan added on top of what I am  borrowing from my new lender which is £162,000 it increases the LTV to 99% and would only agree to the DOP up to 90% LTV.  My home is valued at 215,000 Is there any advice as to what i can do as i am trying to get back on to full repayment with an affordable monthly payment?

Submitted: 3 years ago.
Category: Law
Expert:  Alex J. replied 3 years ago.
Hi

Thank you for your question and welcome to Just Answert

Have you had your own valuation done?

Kind regards

AJ
Customer: replied 3 years ago.

Had a valuation done by the new lender. Property has been valued at 215,000

Expert:  Alex J. replied 3 years ago.
Hi

Thank you.

There is no obligation on the other lender to sign a deed of postponement.

Do you have anyone that can guarantee the loan for you or do you have any other security?

Kind regards

AJ
Customer: replied 3 years ago.

I have no other security neither do i have anyone that can guarantee the loan for me. So basically if First Plus is not agreeing to the DOP I cannot proceed any further with my new lenders which i think is so unfair. The balance of my mortgage with my current lender is 160,400 and with the new lender, with the redemption fee of £225 and solicitors fee of £900 added on to this balance i am just borrowing 162,000 to cover these fees.

Expert:  Alex J. replied 3 years ago.
Hi

Thank you.

I am sorry but that is the case. The terms of mortgage requires 90% LTV.

There is no obligation on any bank to lend. Is there anyone you could get to lend you the money for the secured loan? They could then take a charge on the property and sign a deed of postponement?

Kind regards

AJ

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