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Ask Buachaill Your Own Question
Buachaill
Buachaill, Barrister
Category: Republic of Ireland Law
Satisfied Customers: 10623
Experience:  Barrister 17 years experience
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I am worried about my mortgage terms and

Resolved Question:

dear Sir, I am worried about my mortgage terms and conditions and mortgage deed, I noticed the loan was drawn down and I was repaying it and a month later I signed the mortgage deed. I got the money and was paying it back and had not signed any mortgage
deed until a month later, I think the deed I am looking at is not the deed I signed I thought I signed the deed before I drew down the money, it this normal to sign a mortgage deed after you get the money.
Submitted: 2 years ago.
Category: Republic of Ireland Law
Expert:  Buachaill replied 2 years ago.
1. There is nothing unlawful or illegal about signing a written agreement or Mortgage Deed one month after you have drawn down the monies under the mortgage. Prior to the written Mortgage Deed was signed, there was an oral agreement in place evidenced by the drawing down of the monies. So during this period of time, it was not as if there was no agreement in place.
Expert:  Buachaill replied 2 years ago.
2. Now, the Mortgage Deed you signed governs the relationship between you and the financial institution you got the money from. If you did not sign the mortgage deed, then there is still an oral agreement in place between you in relation to the drawing down of the monies and you are still under an obligation to pay the monies back. Just because you might not have signed a mortgage deed does not mean you don't have to repay the monies.
Expert:  Buachaill replied 2 years ago.
3. Be aware that in law, it does not matter when an agreement is signed for it to be valid. There is no iron rule of law that an agreement such as a Mortgage DEed has to be signed before the agreement commences. The parties may sign an agreement whenever they wish. And on whatever terms they may wish.
Customer: replied 2 years ago.
I understand is it an unsecured debt then if the mortgage deed was signed after the money was drawn down.
Customer: replied 2 years ago.
what is past consideration.
Expert:  Buachaill replied 2 years ago.
4. I regret to say that it is not an unsecured debt if the mortgage deed was signed after the money was drawn down. You have got the wrong end of the stick here, where-ever you got that notion. It would only be an unsecured debt if the bank took no security. Once the mortgage deed was signed, it was without doubt secured.5. Past consideration is value given for something that has already been transacted.
Customer: replied 2 years ago.
what happens if I had a taken out a bridging loan and signed up to the terms and conditions that the bridging loan would be paid back within a year there was no security given, now the bank want me to turn it into a mortgage and give them the security of my home. should I do it.
Expert:  Buachaill replied 2 years ago.
6. By giving security, you are essentially strenghtening the position of the bank. They now have an asset they can lawfully sell to pay off the debt. I would suggest that as in any transactional relationship, you should seek to "get" something if you "give" something. So why give security, if you have not getting something in return?? Essentially, the bank are giving you more time to pay the debt. But the flip side is their threat to enforce the debt immediately. So you should immediately consider whether you might be better dealing with some one else if you want to give away your home as security. You can refinance this banks' debt and get more money if you give your home as security with some other financial institution.
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