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Question about mortage with unsecured loan

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  • Question about mortage with unsecured loan

    In 2004 I bought a property. I needed the full 100% at the time due to not having a deposit. The mortgage offered to me was part secured mortgage and part unsecured loan. The question I want to ask is, if I was to sell my property and just pay off the secured mortgage, would I be able to just take the unsecure loan with me?
    Has anyone heard of or been in the posistion?

    Many thanks

    Jennifer

  • #2
    Hi Jennifer,

    I'd look into your paperwork from the original deal. If the loan is unsecured then I would think you are free to sell the property and just have the loan on its own, but I would definitely check first. The best option is to contact your current lender and ask them.

    If you do contact them, come back on the forum and let us know what they said.

    Sorry that I don't have any real answers, but contacting your current lender is definitely the safest route.
    Independent Mortgage Advisor, expert in residential, buy to let, holiday let, and refinance mortgages

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