Can RBS refuse us clearing 100% of the mortgage ?

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Bob.3

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Post by Bob.3 » Wed Mar 21, 2012 1:01 pm
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Hi

My wife and I received a redemption figure from RBS for our property which is due to conclude on Friday. We were (as was our solicitor) provided with this figure (458K) last week verbally on the phone. Yesterday RBS informed us that the redemption figure was 44K higher as this amount (44K business debt secured by us as directors but not secured on the house) was being added to the redemption figure! So we have a situation where RBS are requesting 502K (458K Mortgage Redemption plus 44K unsecured Business debt). We can only redeem the 458K on Friday, because that is roughly the figure the house is being sold for (we are making up a shortfall) however we are acknowledging our responsibility as individuals for the outstanding 44K. Can RBS refuse to accept us clearing 100% (458K) of the mortgage through the proceeds of the house sale?
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