This is my first post and I'm looking for some advice if possible please.
I have read through as many threads as I can about second charges but would like some clarification if someone would be so kind please?
Ok, background is: have a mortgage and a secured loan. The mortgage balance is approk 57k and stupid First Plus loan balance is still 26k (bad idea taking that loan but that's another story)!
So we have had an offer on the house (selling and moving into a HA property due to overcrowding). The offer would leave a 11k shortfall after fees. I have spoken with First Plus lots of times about a shortfall since we were offered the property in August. I spoke with someone who works in shortfalls now we had an actual offer, to discuss the shortfall process and reading between the lines, it was suggested that they can block the sale of the property if they dont approve the shortfall application. Afforability is not an issue and we've never missed a payment.
I have spoken with my mortgage provider (Bank of Scotland) and was advised to put all this in writing to back office. I had been advised by Shelter to voluntary surrender the property if First Plus block a sale as cannot afford mortgage, loan and rent.
So my question is, can Bank of Scotland ask First Plus to remove the second charge so we can sell? (I haven't had a reply from them yet). BoS said they'd rather we sell than voluntary surrender. Sorry for the essay, but am rather anxious about the whole thing to be honest.