Loan consolidating in ireland

Posted by / 20-Jan-2020 22:36

Loan consolidating in ireland

In 2015, the appellants disposed of a property which, amongst others, was securing the First Loan. Having effected the sale of the property, one of the appellants proceeded to partially redeem the First Loan and retained the surplus proceeds of sale.The Bank obtained ex parte orders restraining disposition of the additional properties which were also securing the First Loan.This decision reasserts the position that the right of consolidation belongs to a mortgagee and not to the mortgagor.

She further clarified that there is no authority for the proposition that a lender can be compelled to exercise this right by an attempt of a borrower to unilaterally invoke the remedy.Typically the new loan will be at a lower interest rate.However if the new loan is taken out over a longer term than the current loan, you may pay a higher overall amount of interest over the term of the loan.This can be done by calling into our offices in Sligo or initially over the phone if that is more suitable.If you have a number of higher interest debts, it is worth examining them to investigate whether it makes sense to consolidate them into one loan.

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