A deed or letter of postponement is a legal agreement between the mortgage provider and the council that allows the borrower to remortgage or get another secured loan during the postponement period.
This means that the remortgage or loan will take priority over repaying the postponement of charge (Right to buy discount).
The lender should seek the council’s consent to a postponement of charge and the council is bound to provide such consent if the charge is for an approved purpose.
Full details can be found in the document below.
- Postponement of Charge (PDF Document, 0.2 Mb)
Last updated: Thu 23rd May, 2024 @ 15:26