switching title deeds on a mortgage

jer1

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

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?

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.

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.

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 ?