Protection of first property after purchasing second property as sole dwelling in default

Darith

I was thinking of getting a second property but i would be a first time morgage holder. So the bank informed i would be entitled to have the second property as my personal residence hence a lower deposit. Therefore my current property would become a asset or investment property? Also in the unfortunate event that i defaulted on my second property which i chose to live in as my personal residence could the bank cease my first property to pay of any debt outstanding after ceasing my second property through default?

Dav010

https://www.boards.ie/discussion/2058288139/protection-of-first-property-after-purchasing-second-property-as-sole-dwelling-in-default

Down the line that will have CGT implications for your current home after it ceases being your primary residence.

You should discuss whether the bank can get a judgement against you and recover the debt using your current home, with the solicitor you intend to use to purchase the second property.