Substitution of security allowed subject to the bank's consent.
Simultaneous settlement required.
Security to be substituted must be a "like for like" otherwise new loan is required.
Substituted security cannot represent a reduction in security for the bank.
"Like for like" is, for example, ready built house substituted with a ready built house - Building Loan is then not permitted; 1st mortgage substituted for a 1st mortgage etc etc.
