we are moving but we want to keep paying loan .can we do this or do we have to pay it off
2006-06-24 21:59:44 · 4 answers · asked by Anonymous in Home & Garden ➔ Other - Home & Garden
You are expected to repay the debt, resecure the loan on a new property or take out an unsecured loan to repay the secured loan.
Your loan company will have lodged a charge at land registry so don't even think about 'forgetting to do it'.
2006-06-24 22:29:13 · answer #1 · answered by 'Dr Greene' 7 · 1⤊ 0⤋
I don't know but I would think that since the loan is linked to the house they would want it paying off - otherwise where's their security? Would you be able to get a different loan that wasn't secured once you've sold the house in order to pay it off?
Why don't you go to www.fool.co.uk - there's bound to be people who would know for sure on their message boards.
2006-06-25 05:07:05 · answer #2 · answered by pomme_blanche_2004 3 · 0⤊ 0⤋
Your mortgage company/conyeyancer will pay off the loan automatically with the proceeds of the sale, so no, sorry
2006-06-25 05:04:04 · answer #3 · answered by dws2711 3 · 0⤊ 0⤋
You will have to pay off the loan...
2006-06-25 05:05:13 · answer #4 · answered by cutienoz 3 · 0⤊ 0⤋