all monies owed mortgage ptsb

all monies owed mortgage

The_Banker said:
I dont really understand the question Quinnotis... Can you be more specific and you may get better replies.
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I have 5 investment mortgages (interest only) with ptsb and I also have my own family home mortgage with them as well on repayment. All of the investment mortgages are in negetive equity. I have equity in my own home. When i took the investment mortgages out with ptsb I made sure that there would be no attatchment to my main home because of the equity in it, now it turns out that i have an 'all monies owed mortgage' and cannot sell my home as the ptsb will not release the deeds because of the negetive equity in the other properties. Has anyone else got one of these mortgages or any information on this type of mortgage.
 
The bank I formerly worked with called these 'all sums due' mortgage and they were the norm, there was no other type issued. Same idea, I'm sure it's not uncommon.
 
I dont quite understand the logic here. You want to sell one property so all must be sold due to this clause?
Say the bank allow you sell the ppr which after paying down mortgage, leaves 100k surplus. The borrower then moves into one of the investment properties and starts to pay of capital and perhaps makes a lump sum. This improves both the banks and the borrowers position. Depending on the amount of neg equity, it may even be possible to clear a lot of that off and get to a position where a second property is sold and they move to third property etc.
Borrower has less neg equity and bank is getting their money back. To disallow someone because of an all monies due mortgage would be stupid.
 
No, I think what the bank are trying to do is ensure any surplus from sale of family home is used to repay some of the other debt and does not go into borrowers back pocket, exact opposite of what the borrower was trying to ensure would not happen by keeping loans separate.
 
quinnotis said:
When i took the investment mortgages out with ptsb I made sure that there would be no attatchment to my main home because of the equity in it .
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In what way did you ensure that they family home couldn't be touched, what made you think that this wasn't so?
 
Everytime I took out an investment mortgage I asked the rep would this mortgage in anyway affect my home. As i didnt put the house up as collattoral or put a lean against the house in anyway. All the investment mortgages are stand alone mortgages in no way tied to the main house. I was told by ptsb at the time that they would in no way be able to tie them the the main house.
 
What is the rep? Bank representative or broker or what?

You managed to buy 5 investment mortgages and I find it very hard to believe that you didn't realise all your assets would be called in, in the event of default. Can you clarify the exact wording of what the 'rep' said to you. As this was so important to you and you mention that you discussed it why didn't you get it in writing?

In any case you are in some financial difficulty now, what do you plan to do with the proceeds of the sale? What is your game plan for the negative equity, are you able to service the loans.
 
The ptsb representative I spoke to confirmed that my own home would not be affected by any of the investment mortgages as there was no attachment to my main residence. My husband has now lost his job. At the moment I am paying all of the investment interest only mortgages and have not defaulted. I would just like advice from anyone who may find themselves in the same situation.
 
not yet - I am to afraid to go near them in case they look at everything else and see that my husband is now not working and that I can not afford to pay the investment mortgages. Everything I earn nearly goes to paying the investments and we are struggling to pay other bills.
 
So why in your original post did you say they wouldn't let you sell?

What is it you are trying to do, sell the house and keep the money ? You might as well be honest as you cannot get advice without more detail. Or do you wish to stop paying the investment mortgages and keep the home?

Look at it from the PTSB's perspective. They have all your deeds and for sure they will not release the home deeds while you are in negative equity and paying interest only. They can call in the mortgages at any time and the minute you sell and there is money they will do this.
 
Trying to keep the family how - I no that I am going to default on the investment mortgages - its just a matter of time - now that my husband is not working. Tenants are not paying rent on time sometimes they are not paying the full rent.
 
My mortgage agreements under security state ‘’Any other security now or in the future held by us for your liabilities in general will be security for your liabilities in respect of the loan’’

There is no mention of my private residence in my investment mortgage but this clause effectively makes it security for my investment mortgage.

Read your investment mortgage agreements, if you were assured there is no attachment, then possibly ptsb don’t have this or similar wording, I thought it was standard though.
 
That clause is standard. In any case even without it they could put a judgement mortgage on the home by forcing her to pay back the interest only mortgages.

Quinnotis so you are trying to stay in the family home and what do you want to do about the investment properties. It seems from the other thread that PTSB are getting serious now and this may be because they think you and your husband can afford to pay more. If they knew he had lost his job they might not be pushing you to change mortgage type so much. Or else they are determined to get non performing mortgages off their books.

Can you list the properties one by one with mortgage amount, how long interest only, rate of interest and rent and mortgage term.

Do you speak to the PTSB by phone or mail?
 
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