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Ash
Ash, Solicitor
Category: Law
Satisfied Customers: 10916
Experience:  Solicitor with 5+ years experience
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I have a 1st mortgage on my farm with Nat West which is cap

Customer Question

I have a 1st mortgage on my farm with Nat West which is cap & repayment at 1/2% above base. It is not in arrears or any missed payments.
I have an overdraft and small additional loan which the bank are pressuring me to sell land to clear. I really believe they want me to sell land so they can also clear the main mortgage which is obviously costing them money.
Lloyds have agreed to take over the overdraft and small loan on a second charge however now Nat West are saying they will not allow Lloyds to take a second charge.
Do I have any rights to push Nat West into allowing a second charge.
All my borrowings with Nat West are below 50% LTV.
Thank you
Submitted: 2 years ago.
Category: Law
Expert:  Ash replied 2 years ago.
Alex Watts :

Hello my name is ***** ***** I will help you with this.

Alex Watts :

Natwest can't stop Lloyds taking a second charge.

Alex Watts :

This is because as a charge you can just agree to it.

Alex Watts :

They do not need the consent of Natwest

Alex Watts :

They can register a charge with or without Natwest

Alex Watts :

You should write and formally complain to the bank and ask why, what is their reason, especially if there is enough equity

Alex Watts :

If they do not uphold your complaint you can complain to the Ombudsman

Alex Watts :

They offer a free, independent service at: www.financial-ombudsman.org.uk

Alex Watts :

Can I clarify anything for you about this today please?

Alex Watts :

If this answers your question could I invite you rate my answer before you leave today.


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