Welcome Finance Secured Loan Question

[Bazza]

Re: Welcome Finance Secured Loan Question

I don't recall anything in CCA'74 about Mortgage Indemnity at all.
£25K limit for agreements but not insurances.
They do call this a fee I know I'll do some more digging Baz.

OK nem, thank-you so much.

I have already started drafting a letter but I want to add as much as possible. I was hoping someone could pull the agreement apart especially the APR stated and anything regarding the Mortgage Indemnity Fee.

If it's not a policy with Underwriters, who keeps hold of it ? What percentage plus interest forms part of my monthly payment ? How is the amount calculated - 75% LTV ?

[nemesis45]

Re: Welcome Finance Secured Loan Question

Definition Mortgage indemnity fee, a Fee from which the loan provider buys an insurance policy. so the debtor is at arms length from any policy, and it is in the hands of the lender.

The agreement as such seems lacking in content for a secured loan.

[Bazza]

Re: Welcome Finance Secured Loan Question

Definition Mortgage indemnity fee, a Fee from which the loan provider buys an insurance policy. so the debtor is at arms length from any policy, and it is in the hands of the lender.

The agreement as such seems lacking in content for a secured loan.

Thanks again nem.

So therefore its not a second mortgage but a secured loan and as I already have a mortgage on my home how can they legally charge a Mortgage Indemnity fee ?

Is there anything on the FSA site in respect of MIF/HLC and secured loans do you know ?

[nemesis45]

Re: Welcome Finance Secured Loan Question

Can't find anything so far Baz!

Have asked others to take a look Baz.

[Bazza]

Re: Welcome Finance Secured Loan Question

Ok no worries I will keep looking.

Is this any good nem ?

https://www.google.co.uk/url?sa=t&rc...MJ8N-i9M1qwRXw

[nemesis45]

Re: Welcome Finance Secured Loan Question

Going to take some time to read it all BAz, a quick look doesn't make anything jump out yet.

nem

[Bazza]

Re: Welcome Finance Secured Loan Question

Going to take some time to read it all BAz, a quick look doesn't make anything jump out yet.

nem

OK fine I will keep searching

Cheers

Bazza

[sammy5479]

Re: Welcome Finance Secured Loan Question

I found a loan calculator, it may help when trying to demonstrate what a typical loan would look like with a reasonable lender.

[Bazza]

Re: Welcome Finance Secured Loan Question

Hi just following-up on an old post and I was recently reviewing some details regarding the secured loan / legal charge on our property.

For any legal people out there, would Welcome Finance have needed to ask our mortgage provider for permission to obtain a charge on our property ?

Thanks for looking

[nemesis45]

Re: Welcome Finance Secured Loan Question

I suspect there would have been contact at some point on the subject.

nem

[Bazza]

Re: Welcome Finance Secured Loan Question

I suspect there would have been contact at some point on the subject.

nem

Thanks nem.

But what if they did not ? I have come across conversation details between my OH and broker stateing that the lender would not need the mortgage provider's permission.

[Bazza]

Re: Welcome Finance Secured Loan Question

Thanks nem.

But what if they did not ? I have come across conversation details between my OH and broker stateing that the lender would not need the mortgage provider's permission.

Just bumping

Many Thanks :tinysmile_twink_t2: