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....
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....