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Mortgage Security

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  • 14-06-2015 9:02pm
    #1
    annecy
    Registered Users Posts: 39 ✭


    Joint mortgage had security written into the mortgage contract via an investment bond (40% of loan). This bond was held in my husbands name only. Mortgage is not in arrears. The bond was surrended to offset another loan with the banks commercial division. My signature was not sought and in fact neither was my husbands. Can security be switched from a mortgage to a commercial loan? Opinions sought


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    #2
    PaulM1977
    Banned (with Prison Access) Posts: 210 ✭✭PaulM1977


    Hi annecy,

    Unless it has been agreed by the lender who had first call on this loan, as part of the security for the mortgage then it shouldn't be used to settle other loan finance. This would be stated in the conditions of the mortgage loan offer in the first place, if this was agreed from the outset. Have you spoken to the mortgage department and made them aware of this?

    PaulM


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    #3
    annecy
    Registered Users Posts: 39 ✭annecy


    Hi, no didn't ring yet as not sure what questions to ask. Could I ask mortgage customer service for a copy of the instructions in relation to the removal of security? There are 3 legal entities of the bank involved - mortgage bank, commercial bank and the investment broker. I'm only party to the mortgage and not the loan or surrended ed investment. My husband also wants to know that due process was followed so I think he needs to ask same questions as me... appreciate any opinion thank u


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