Paul O Mahoney
Registered User
- Messages
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Thanks Gordon for that .Say I’ve two properties, my home and another house.
It’s possible to have a mortgage on the other house that’s secured against both properties.
Or you could have two mortgages, one on each property, but secured against both properties.
Moreso you could have two mortgages used to buy two properties where each mortgage is secured against both properties.Thanks Gordon for that .
So, its possible to have two contracts and they would be secured upon eachother
?
This is my fear, our 2 rental properties are cross charged, and I understand why the bank did that, but now we are totally fed up with the rental market we want out. One will probably just about wipe its face so that will have to go first.......the other will have a capital gain and as you said CGT will have to be paid .I know someone who had to do that cross-security for the bank, but it wasn't explained clearly to them and they didn't do the research themselves. When they sold one of the properties, they had to pay off the mortgage of the sold house as normal, but IIRC they had to pay down on the other property too. They had CGT to pay also.
That might be an unusual arrangement but my friend got a big shock at the time.
Have you talked to the bank? They may be open to re-structuring after sale of one property (not if you are on tracker rates though).One will probably just about wipe its face so that will have to go first.......the other will have a capital gain and as you said CGT will have to be paid .
Tracker.....and the one we'll hang to will not be a tracker.....long term tenants in that too, so notice to quit will be close to a year, unless they buy it off me .........Have you talked to the bank? They may be open to re-structuring after sale of one property (not if you are on tracker rates though).
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