From: "bigbrian" 
Newsgroups: uk.finance
Subject: Secured loan but not as second charge
Date: 18 May 2006 08:05:00 -0700
   posting-account=CRDZnxMAAABn2aHh7axZLOW9bmljY0WFbVivSIZMdEtFO-vd-KbZUA


As the title, anyone know of lenders who are happy to do this? I've got
a situation with a family member that basically goes like this:

House value =A3260K
o/s mortgage =A3100K

jointly owned by husband and wife. 10 years left on the mortgage

They want to borrow =A330,000 to condolidate some unsecured debt and get
the repayments down. No problem finding a secured lender to do that.
The problem is that the land registry searches throw up a couple of
cautions going back 9 years or so, relating to some debts that (only)
one of the parties got into. They went CCJ and then the creditors got
the cautions so that if the property was ever sold, they'd know and be
given a slice. There's been no contact in the interim and no
repayments. Total apparenty is about =A320,000

All the lenders they're speaking to are happy to lend, indeed will lend
=A350K to repay the cautions too, but that increases the immediate
repayment profile to a level that makes it not worth doing.

So, as per the header, anyone know of a lender who would be happy to be
behind the cautions, but still well secured (given the level of equity
in the property)? Or I guess better still, unsecured given that the
rates seem to be lower than for secured, but I donn't know who does
=A330,000 unsecured.