Hi Ian

They have finally agreed as we are borrowing pound for pound....finally!!!! thanks for yourhelp though

Let us know what their response is once you have submitted the new figures, I think it will be acceptable if there is no extra borrowing.

When I spoke with them they did actually state is was becauseof the extra borrowing.

Our mortgage balance since taking out the second charge has reduced considerably, as we have been paying more than we should, so they only need to look at that, I have never missed a payment with GE, and so will be at a loss if they refuse again, as B& W wont allow any more? Any suggestions?

All 2nd charge lenders have reduced their LTV's as well as the High Street lenders, this is why they are reluctant to postpone the charge unless total borrowing is at a level where they are happy with the security. Even though your LTV is very close lenders are very unwilling to compromise. GE are not unlike all other lenders, they at the moment have a reasonable security on your property and will do everything they can to keep it that way. You may have some form of complaint if the original loan was based on a higher LTV criteria and you could argue that the level has been maintained? They may have no appropriate denial for the request if the current borrowing is maintained and this could be the basis of your argument as well as the reduced payments that you will achieve by re-mortgaging? Should they not allow the postponement based on these facts I would consider them to be in a position to receive a formal complaint, which in turn will start to cost them money. I know the fact that a 2nd charge feels as if it is separate from your mortgage but in the end it is still a loan secured on the property and is probably at a higher rate!!

Hi Ian

Thanks for that but I wanted to keep GE money seperate as it was myself paying for this, and wanted it to be apart from the mortgage, plus we are going for a 60% LTV. Have you had many dealings with GE Money, if so what are they like?

It would seem that GE are being overly cautious here as the loan to value is at the most 68%, I am going to assume that they may require the total borrowing to be below 60% as most of their new products are at that level. Why don't you consolidate the secured loan with B&W, is the product you are looking at a 60% and will not allow you to do so??? The overall rate would be better and if not possible....get an unsecured loan for £10K and consolidate the £96K?? Have you considered this option yourself, if you see a financial adviser, B&W no longer use intermediaries and may not have access to their rates.

I am in the process of remortgaging for a better rate with Bristol and West, however, we have a second charge with GE Money, and because we had rounded the settlement figure up, it meant we were borrowing an extra 3k, GE Money declined the DOP because of this, even though we were actually reducing our monthly repayments?? When I contacted them to ask what they woudl do in my position they said they woudl spk to a financial advisor. I have now reduced our new mortgage so it is pound for pound, value of house is £160,000, we are borrowing £76,000 with B&W and our second charge is 30,000. Can we expect any probs.

Al good things come those who wait!!! Pleased for you, good luck.

got the deed of postponement thanks

THE underwriting are looking at it now do you think they will make a decision today

we are now in the line for it to be looked but anyone know how long to make a decision

The better the loan to value means that postponement is more probable, however the decision is always the lenders. The only negative here is the late payment on the loan, but as you have said GE don't seem to have a problem with this as they are already communicating with Halifax.

is it true that as long as you have equilty in a property you can get a deed of postponemnt

It all seems quite normal, GE are the main decision makers here as Halifax have already agreed the loan. I think it should go as planned.

IN YOUr opion do you think everything will go through ok