Cross Charge on Mortgage

Laura

Registered User
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When buying the family home in 2005, we got our mortage with PTSB. In applying for that mortgage they sought a "cross charge" on an investment property that I owned in my own name (mortgage for this property also with PTSB).

When arranging the family home mortgage\cross charge with PTSB they also put the Investment property mortgage on a Tracker rate.

I am considering selling the investment property now and I've been advised by PTSB that in order to do so I would need to apply to get the cross charge removed from the family home mortgage before selling.

I do not have a copy of the mortgage contract for the investment property.

I am concerned that if I apply for the cross charge to be removed from the family home mortgage (which we are overpaying on for the past 10yrs) that they may review the investment property conditions and take it off the tracker rate (ie if I decide not to sell)

Has anyone on this forum had a similiar situation ?

If I don't have copy of the investment mortgage terms & conditions - do I ask PTSB to reissue it ? Or would my solicitor have a copy ?

Any advise\tips appreciated. Laura
 
Hi Laura

They can't break your contract on the investment property mortgage.

If your home is in positive equity, they should be delighted to get rid of the cheap tracker on the investment property.

If you home is in negative equity, they may make it a condition of the sale, that you pay some of the proceeds of sale of the investment property against your home loan.

Investment properties with cheap trackers are usually extremely profitable. You should be very slow to sell it.

You probably should not be overpaying the tracker on your home.

Had you not been overpaying for the last 10 years, you would now have a lump sum, say €20,000. This would be a huge incentive to ptsb to allow you to sell your investment property in return for paying this off your mortgage.
 
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