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Hi Stuart - Could you expand on this point please? Are you saying that even if an investment property loan is not secured on your home, the bank could repossess your home?stuart said:Some people don't believe in putting their own home at "risk" by using it as security
But these people should reaslise that your home is at risk even if you do not have the investment property loan attached to it
Does the Act still protect your home where there is a mortgage on the home?Brendan said:In practice, the bank is unlikely to try to repossess your home, as it may be protected by the Family Home Act.
they have little chance of enforcing the mortgage if the worst happens?/QUOTE]
Maybe not straight away but they will still have a charge over the house until it is either sold or all minor children have grown up
House repossessions are extremely low in this country and banks are not in the habit of trying to evict people
(AFAIK, there were 11 forced repossessions in 2003, but I can't remember where I heard that quoted)
But they will be charging interest on the amount, and not necessarily at a competitive mortgage rate, as it is decided upon by the lender
Personally I have not had any clients in this situation, unlikely with the housing market in Ireland in the past 10 years
But people should be aware of what they are signing up for
stuart@buyingtolet.ie
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