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  • Mortgages & Finance

    NatWest consent for a second charge

    I have a question, actually two, to experts here. I have a fixed rate mortgage with NatWest for, currently, 120 k. My house is worth in excess of 400 k. I would like to ask them for consent to have a second charge for 190 k, which would be a loan from my mum. She wants it secured as my sister just got divorced and she realised that if me and my wife do the same she would be practically giving a present to my wife. There would be no interest on the loan or set repayment day, but she would like it to be linked to the value of the property.

    So, the question is would NatWest give consent to it?

    Secondly, is it simply “yes” or “no” on the basis of equity at play, or would they re-view our current mortgage deal and ask all the financial questions again?

    <b id="docs-internal-guid-45876b64-8f25-7597-7e61-d949e57fda1b">We’ve never been late with any payment and did renewal every two years online without any hassle. The reason I’m asking is because our household income is slightly lower now than it was when we first applied for this mortgage. Can they on this basis “withdraw” their mortgage or move it to standard variable rate, even though I’m with them for three years and as I said never late with payments?

    <b id="docs-internal-guid-45876b64-8f25-7597-7e61-d949e57fda1b">I would really appreciate any help!

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    I am no expert but you could just get a solicitor to attach a charge to the property in your mothers name.

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    [Image: New-logo2.png] Manchester based investor. I buy, sell, renovate and rent investment property in East/North Manchester Wink email: mike@brentwoodinvestments.co.uk Call: 0161 681 3724

    Gentleman,

    Sorry for interrupt.  I have a question about the NatWest bank.  On the one hand, I am going to apply for a BTL mortgage from NatWest.  However, I have heard some negative comment (about the service charge) about this bank from my friends.  It makes me hesitate.  Any advice?

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    Ask adam hosker to pressure them to give you consent, he will get them in a headlock and rub their hair until they agree to give you consent

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