I'm in the process of moving my mortgage on my current property. I am building a house in the next year and will need another mortgage for that.
I've been told by my solicitor that if I take out an "All Sums" mortgage on my current property, and run into difficulties paying it back in the future, the Bank can call in my home house (which I am about to build. Solicitor says this would not be the case if the mortgage type was "Present and Future Advances". In that case, both mortgages would be secured seperately. If I run into trouble paying back current property in the future, they cannot touch my home house.
Anybody have any knowledge on this? I'm confused!
Thanks....