Have been reading up and came across someone with a mortgage made up of secured mortgage loan and an unsecured loan (not sure if from same lender) giving their total mortgage of about 170,000. They are in negative equity (took out 100% loan) and have been given the choice of splitting their mortgage and taking the secured part to another lender -persumabley this amount would be less than 95% and keeping the unsecured loan with their original lender (although they are being charged a higher rate on this loan)
Has anyone else heard of this?
Has anyone else heard of this?