General (main property discussion here) - Need to Get Loan Lender will not allow 2nd Charge

Hi guys I needed to raise some funds from a property to but Lender will not allow charge on Mortgage. Anyhelp or advice will be most appreciated.

Hi, I presume that you would have early repayment charges if you changed lenders.

Have you checked to see what the lender's policy is on further advances? This would still be a first charge on the property.

The new loan would have to fit the rental calculation.

Regards,

Brian Abbott Independent Mortgage Consultant 0844 870 0573

Its becoming more common for lenders to add clauses to mortgage offeres which prevent second charges.

First instance go back to the lender for a further advance, if this is declined then your only other option is to re-mortgage.

All the best

Alex M www.oakhillmortgages.co.uk 0800 019 22 55

Thanks gentleman unfortunately early repayment charges do apply but got a good rate of 4.65% fixed until June 2008. I had to just get a loan from the bank which we will just pay off early, not sure If I will use Mortgage Trust Ltd again we have over 70% equity in property.