question category: Other Debt Questions

I want to sell my house but have a business loan secured against it?
Submitted on: 5th Oct 2010 by Non-Member | Total Answers: 1

I would like to sell my house but I have a £15k business loan secured against it. My business is not in any financial difficulty and I'm paying back the agreed payments on time. Would I have to pay back this loan in full once my house is sold?

Answer this question

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.

Re: I want to sell my house but have a business loan secured ...

Secured loan conditions state that, should you sell the property against which the loan is secured, the loan amount outstanding at the time of sale is repaid before you receive excess proceeds, if there are any. Your solicitor will deal with this when you complete on the sale of the house.

This question has been answered by Christians Against Poverty, a leading debt charity offering hope and a solution to anyone in debt.

Submitted on: 18th Oct 2010 by TA Member

0
 

Post new comment

The content of this field is kept private and will not be shown publicly.
Type the characters you see in this picture. (verify using audio)
Type the characters you see in the picture above; if you can't read them, submit the form and a new image will be generated. Not case sensitive.

Featured Debt Charity

“What we like most about the help the Debt Advice Foundation provide is it’s balanced and fast. You’ll get the right solution suggested confidentially in hours not days.” Debt Advice Foundation