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Selling & Buying - Can you transfer a mortgage?

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  • 01-05-2008 3:13pm
    #1
    Stealdo
    Registered Users Posts: 670 ✭✭✭


    Hoping someone can tell me whether typically this can be done...

    I am currently (at least hoping to be) selling my house and will be buying another. I will be covering the difference in price with cash rather than borrowing any extra. It would be preferable for me not to have to clear my current mortgage and go through the application process again, but rather to simply transfer to finance on the new house.

    There are no issues with negative equity, new house is of higher value than current one etc so LTV will go down. Nothing sly about it, just that the rate I have currently is better than what's available now and obviously the convenience.

    Anyone been able to do this? Or is it completely out of the question?


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    #2
    unclebill98
    Registered Users Posts: 3,816 ✭✭✭unclebill98


    I am pretty sure you can not do this.

    Mortgages are secured against a certain property and I would doubt you can simple transfer it over. And the work envolved in doing so would be easier to do just another mortgage etc.

    Life cover and house insurance yes.

    I am sure someone will give a 100% answer.


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    #3
    Lizzykins
    Closed Accounts Posts: 637 ✭✭✭Lizzykins


    Fairly sure UncleBill is right. A solicitor or your bank will tell you. Would seem like an easy option if it could be done rather than go through paperwork etc.


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    #4
    Stealdo
    Registered Users Posts: 670 ✭✭✭Stealdo


    Thanks folks - I got in touch with the bank anyway and apparently it's a definite no way josé. Mortgage is fixed to a property and cannot be transfered. Aparently by the time you'd be true all the legal hoops of transferring it you might as well have opened a new one. (Still the idea appeals to me because that would be bankers and solicitors doing the leg work rather than me!) Will have to do some shopping around to make sure I get the best deal.

    cheers again


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