Hi all, firstly I have used this site on many occasions and think it is absolutely superb. Unfortunately on this occasion I am having to post a new thread to try and get some advise.
My questions is,
We have a secured loan from Welcome finance(We know!) of £15000(outstanding balance). We have a decision in principle from Nram to port our mortgage to another home.
Mortgage £66400 Expected sale price £78000.
What happens to the secured debt when we move? Do nram just transfer the mortgage and the equity to the property? If 'yes' does the secured debt become unsecured?Also what happens to the charge on our current property.
We do have money to add to a deposit so we can stretch to a house around £85000.
Can Welcome block the sale?
Thank you in advance.
My questions is,
We have a secured loan from Welcome finance(We know!) of £15000(outstanding balance). We have a decision in principle from Nram to port our mortgage to another home.
Mortgage £66400 Expected sale price £78000.
What happens to the secured debt when we move? Do nram just transfer the mortgage and the equity to the property? If 'yes' does the secured debt become unsecured?Also what happens to the charge on our current property.
We do have money to add to a deposit so we can stretch to a house around £85000.
Can Welcome block the sale?
Thank you in advance.