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using rental property as security

viztopia · 2016-07-29 09:02:55

i recently purchased a commercial property and had issues with the property itself and couldnt use it as security. i have a rental property with no loans in me and my wifes name but the bank wouldnt take this as security. we live in a seprate house in joint names also. the bank gave me an unsecured loan in the end so all…

29-07-2016 9:02am

#1

viztopia

Closed Accounts Posts: 770 ✭✭✭

Join Date: November 2007

Posts: 618

i recently purchased a commercial property and had issues with the property itself and couldnt use it as security. i have a rental property with no loans in me and my wifes name but the bank wouldnt take this as security. we live in a seprate house in joint names also. the bank gave me an unsecured loan in the end so all is sorted.
just wondering is it unusual for the bank not to take the rental property as security? their issue was that either me or my wife could move back into it at any stage which would then make it difficult for them to use it as securtiy.
also does this mean that i could never use this property as security in the future? the bank was boi

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