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