Security / Collateral for a mortgage

[BigProblem]

Hi, i am currently in the process of inheriting a house from a parent and there is two mortgage loans (€19k and €8k) secured to the property. Neither of the mortgage loans are for the property i am inheriting. The bank is insisting that the two mortgage loans (both trackers btw) are repaid before they will release the deeds. Parents have asked the bank to change the collateral securing these two mortgage loans to another property they own but the bank is refusing. i would of thought the bank could facilitate this - both properties are of equal value. Is there anyway i can get the bank to move the security? i think they probably want the two tracker mortgages off their books...

 

[ClubMan]

i am currently in the process of inheriting a house from a parent

Parents have asked the bank to change the collateral securing these two mortgage loans to another property

How are you inheriting if, it seems, your parents are still alive?

 

[BigProblem]

sorry i should of said gift so we have CAT and CGT to pay.

 

[ClubMan]

If the lenders are insisting that the loans be cleared then I don't really see that you have any options here.

 

[Monbretia]

The bank are not going to just switch the loans to another property, it would require a new mortgage application for the total amount on the property being offered and all the hassle that comes with that, income details etc. Then the old mortgages would be cleared from the new mortgage, it doesn't matter that they weren't used for the property they are on, it is the mortgaged property.

Simplest thing if possible for you might be just get a CU loan to clear the o/s amounts.