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The doctrine of consolidation generally applies where a borrower has mortgaged separate properties to secure separate debts owed to the same lender.
Where a borrower has defaulted on one of those debts, the doctrine of consolidation allows the lender to pool the assets secured by the borrower and to realise those secured assets against the aggregate sum owing, rather than confining the lender to recovering only the secured assets securing the distressed loan.
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.
We will undertake to do a full comparison on your behalf to show you in simple terms the cost implications of consolidating your loans and advise you on whether it makes good sense to proceed.
Please contact us here in our offices in Sligo the capital of the North West of Ireland for further details.
A consolidation loan may not always be your best option.
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.WARNING: YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP PAYMENTS ON A MORTGAGE OR ANY OTHER LOAN SECURED ON IT.WARNING: THIS NEW LOAN MAY TAKE LONGER TO PAY OFF THAN YOUR PREVIOUS LOANS.Building societies and banks may be able to offer you a personal loan.You should always get independent advice before taking out a loan.
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Our experience in helping clients achieve their goals in all these areas has ensured that our customers can concentrate on their ultimate goal, be it buying their first home or releasing equity to renovate their property.