Unregulated Secured Loan Advice

[Bazza]

Re: Unregulated Secured Loan Advice

Bazza,

Never heard of a combined first & second charge mortgage ? Perhaps I am miss-reading what is being said but I do not see how two completely differing loans can be combined ?

Sorry Fred I was not clear.

Should there be a separate document for the agreement and legal charge or is it all on one documentation (combined).

And if it is a second charge on the property, would they have had to contact the original mortgage lender ? Do they have to complete any questionnaire to submit ?

I know some have more than one secured loan on their property and wondered if they would also have to contact the original mortgage lender ?

[Fred]

Re: Unregulated Secured Loan Advice

Sorry Fred I was not clear.

Should there be a separate document for the agreement and legal charge or is it all on one documentation (combined).

And if it is a second charge on the property, would they have had to contact the original mortgage lender ? Do they have to complete any questionnaire to submit ?

I know some have more than one secured loan on their property and wondered if they would also have to contact the original mortgage lender ?

From what I can take from the above it seems they (the first charge providers) have made further provision for an "unregulated secured loan" which would require separate contract/agreement/security,
otherwise why would you not just re-mortgage. It is not clear to me really............... am just trying to extract a little more information to assist.

[Bazza]

Re: Unregulated Secured Loan Advice

From what I can take from the above it seems they (the first charge providers) have made further provision for an "unregulated secured loan" which would require separate contract/agreement/security,
otherwise why would you not just re-mortgage. It is not clear to me really............... am just trying to extract a little more information to assist.

My fault Fred, I was merely raising a question that was similar to my situation.

I am most grateful for your time and answers. My issue is that I have an unregulated secured loan but they have only provided 2nd mortgage / charge details but no agreement.

Cheers

Bazza

[Fred]

Re: Unregulated Secured Loan Advice

Bazza
As far as I am aware on "unregulated secured loans" you should have a signed agreement including the fixed terms,loan amount, interest rate & a copy of the charge.

[Bazza]

Re: Unregulated Secured Loan Advice

Bazza
As far as I am aware on "unregulated secured loans" you should have a signed agreement including the fixed terms,loan amount, interest rate & a copy of the charge.

Thanks again Fred

Well they are saying that there is not a separate signed agreement, only a combined Credit Agreement and Legal Charge with loan amount etc as you stated.

[Esqki]

Re: Unregulated Secured Loan Advice

Dear Fred

Many apologies for the slow response but I've been poorly and haven't been able to check paperwork until now.

I have gone through everything that I have and as said before I do not have a copy of the agreement. I didn't even realise that they would have to give a copy of the legal charge. At the time it was a face to face sale, heavily pressurised and I may have signed something but I simply can't remember and was never given nor sent any documentation. To put this into context, I am a paper hoarder and found the small slips that were used to pay off the other debts, as part of this debt consolidation process back in 2003 carefully filed away.

The loan was a heavily pressurised sale when I went into branch to sort something else out. It was with the same provider and they recommended it as part of a "quick financial review" done over the desk, sales tactic. There were no warning re what a secured loan was or to take independent advice. They just said secured was best because it meant that the interest rate was secure, no mention of charges on houses. As I had ALL my banking, and financial affairs with them, I trusted them and thought that they were acting in my best interests. In hindsight a very foolish assumption to make but that is how it was.

I was never told the interest rate at the point of sale, was just told that it would be cheaper and for the best because I had just brought my first home (first time buyer) and that it would ensure that I would have spare money to ensure that if anything happened I could carry on paying the mortgage, etc. This was the same branch who actually arranged my first time buyer mortgage. The second mortgage rate is higher now than the first rate. The secured loanrate is variable and has not increase since the BOE have not moved with interest rates.

Thank you for your support. I do wish to progress this complaint because they acted wrongly and whilst I have accepted responsibility for my stupidity it takes two to tango. I'd welcome all your thoughts on how I should take this forward.

Thank you again.

Esqki