I hold a unsecured mortgage on a property on a property out of the country - what does this mingy?
I have read the contract and it says that the mortgage is secured against the foreign property (however it is unsecured). Does this tight that the mortgage company has no right to my UK property?
Answers:
It cannot be simultaneously both secured and unsecured.
Give us more detail about which of your properties have mortgages and where and we may be able to minister to you; you haven't given us enough information to be able to answer this properly.
There is no such thing as an unsecured mortgage. A mortgage is a loan secured against property.
If your mortgage is secured against your foreign property the lender can repossess that surrounded by the event of default. They cannot touch your UK property, unless it was used as 'additional security' for the foreign mortgage.
If the loan for your foreign property is unsecured, the lender cannot touch any property. Hope that's clear. Source(s): Independent mortgage adviser
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Answers:
It cannot be simultaneously both secured and unsecured.
Give us more detail about which of your properties have mortgages and where and we may be able to minister to you; you haven't given us enough information to be able to answer this properly.
There is no such thing as an unsecured mortgage. A mortgage is a loan secured against property.
If your mortgage is secured against your foreign property the lender can repossess that surrounded by the event of default. They cannot touch your UK property, unless it was used as 'additional security' for the foreign mortgage.
If the loan for your foreign property is unsecured, the lender cannot touch any property. Hope that's clear. Source(s): Independent mortgage adviser
Related Questions:
Why isn't the congress calling for investigations into the mortgage meltdown?
They are always calling for investigations. Would it be that Chris Dodd, Barney Frank, and other powerful Senators and Representatives don't want people to know how involved they are within causing the financial meltdown? YOu got it. THe antediluvian boy network is...