with a better lower rate loan from a different company or do i have to stay with that loan because it came with my mortgage
2007-05-08 06:22:29 · 4 answers · asked by gazza t 1 in Business & Finance ➔ Personal Finance
If it is attached as you say then it is A MORTGAGE and a lien against your property. Have a title search done to find out for sure. The lender may have lied to you at closing. This is common with finance companies.
2007-05-08 06:32:55 · answer #1 · answered by golferwhoworks 7 · 0⤊ 0⤋
I assume the loan was provided so that your 'mortgage' was over 100% (ie some lenders will lend you 100% the cost of house as a mortgage and then a loan to cover things like legal expenses, moving etc). If this is the case, then chances are the loan is to all intensive purposes unsecured and provided under £25,000 regulated by the Consumer Credit Act. Under the act there are strict guidelines as to how early settlement figures are calculated. If this is this the type of mortgage you have, chances are the loan period is the same as your mortgage and it may be difficult to get a bog standard loan with a term greater than 10 years. Depending on how long you have had your house, it's value may have risen sufficiently to allow you to remortgage the whole lot, using the additional equity as a deposit. With a deposit (even as little a 5%) you would be eligible for most mainstream mortgage products (shop around).
2007-05-08 10:32:58 · answer #2 · answered by Lord Charlemount 3 · 0⤊ 0⤋
i don't get how it would be attached to your mortgage if it is unsecured!? surely they would have made it a secure one if they were attaching it to your mortgage which is obviously secured on your house.
i'd suggest looking through your paperwork, or phoning them up and asking them how things stand and if you could pay it off.
2007-05-08 07:07:34 · answer #3 · answered by just trying to make a difference 5 · 0⤊ 0⤋
something is not right here.
check it out!
2007-05-11 04:23:08 · answer #4 · answered by tennessee 7 · 0⤊ 0⤋