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I want to close one of my investment mortgages

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Kenny | 11 Feb 2020, 09:38 PM Agree 0
Hi,

I currently have two different loans with two different banks for two properties. I am planning to sell one of the properties (property b). Is it possible that I can use the money I get back from selling property b to close off the loan for property a?

Leaving only a loan for property b?

Thanks
  • Property88 | 11 Feb 2020, 09:41 PM Agree 0
    Hi Kenny, No this is not possible, because the bank requires security over the loan. When you sell Property B, the bank no longer has security over that loan, so they require it to be repaid in full.
  • Dan | 13 Feb 2020, 09:37 AM Agree 0
    If you're thinking about property B's loan having a lower interest rate, you can always just refinance the loan for property A.
  • Kenny | 15 Feb 2020, 02:22 AM Agree 0
    Thanks for your help. This makes sense
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