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switching title deeds on a mortgage

  • 05-11-2014 12:10pm
    #1
    jer1
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi.

    I have 2 investment properties and a home. One investment property has a tracker mortgage and only worth half the amount borrowed. I used security from the second investment property by giving the title deeds to the bank no mortgage on this. This was done 8 years ago and the bank still have not requested the title deeds from the solicitor.

    I need to sell the investment property that has no mortgage. I have asked the bank can i switch the security from the investment property to my home house which is worth 3 times the value and no mortgage. They have said no.

    I presume as it is the family home, they have no interest.

    Can the bank do this, or could i contact the National Consumer Agency.

    Any advice would be appreciated
    Tagged:


Comments

  • #2
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    I can't see that the bank is in any way wrong. Neither can I see any role for the NCA.

    Can you negotiate with the bank about using part of the proceeds of the sale to reduce the mortgage debt on your NE property?


  • #3
    jer1
    Registered Users, Registered Users 2 Posts: 7 ✭jer1


    If i sell the property with no mortage it will just about cover the second property. I have no arrears on the mortage. I need to sell as i need the money for personal reasons.


  • #4
    P. Breathnach
    Registered Users, Registered Users 2 Posts: 12,089 ✭✭✭✭P. Breathnach


    You are in a bind, then. But look again at what I said: it might not be necessary to clear the mortgage on the NE property, just reduce it somewhat.


  • #5
    jer1
    Registered Users, Registered Users 2 Posts: 7 ✭jer1


    Thanks, I have got my solicitor to appeal the decision. Is it uncommon for the bank not to look for the title deeds from the other house even after 8 years ?


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