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House Swap?

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  • 27-06-2011 10:55pm
    #1
    deisecelt
    Registered Users Posts: 111 ✭✭


    Im livin in a different county to where i bought my house. My house is worth 60k less than what i got the mortgage for. Is there not any house swap scheme where someone who is lookin to move from a to b but is restricted because of mortgage.


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    #2
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    You would not just be able to swap houses with someone. Mortgages would need to be settled in order for your lender to release deeds and you would then need to get a mortgage for any other property you wish to buy,


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    #3
    deisecelt
    Registered Users Posts: 111 ✭✭deisecelt


    Im more thinkin of swapping house and keeping my own mortgage. So person living in my house would pay there mortgage for house im living in and vice versa. Just think there might be a niche there for someone with the legal jargon to latch onto. Or maybe its a bit complicated and nonsensical. Its a bitch workin 50hr weeks and having shag all disposable income!!!


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    deisecelt wrote: »
    Im more thinkin of swapping house and keeping my own mortgage. So person living in my house would pay there mortgage for house im living in and vice versa. Just think there might be a niche there for someone with the legal jargon to latch onto. Or maybe its a bit complicated and nonsensical. Its a bitch workin 50hr weeks and having shag all disposable income!!!

    Why dont you just let your house out and you rent another place? keep it simple. Although your mortgage may require property to be owner occupied so that may be an issue but you should be able to sort that out.

    Otherwise you are basically looking to trade down which your bank wont let you just swap mortgage. The "legal jargon" is there for a reason.


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    #5
    Public1
    Registered Users Posts: 10 ✭Public1


    I think theres definitely a market for this . I live in a 3 bed semi in a nice area of Dublin which is worth approx 220000. I owe 80000 on this house but would like to move to a bigger house in a nicer area. The new house is worth 350000 and I can get and afford the mortgage.Now I can put my house on the market and try and sell it over the next 6months etc... as normal. But........(here comes the hypothetical part !!)
    Say the person in the 350000 house bought it for 600000 and is in 150000 of Negative Equity paying back 1600 per month. Bank wont let them sell because of the NE and they are struggling with their payments. I hand over 130000 and my house and in return I get their house. The mortgage decreases to a manageable level , the bank has seen some return and the prospect of the owner being able to afford their new mortgage.
    I dont have the hassle of trying to sell my house and I get to move to where I want and the seller gets the bank off their back and still has a decent roof over their head in a nice neighbourhood .
    Im no ecconomist and the figures might be abit off but this makes sense to me as i know there are people in similar situations on both sides.


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    #6
    MagicMarker
    Banned (with Prison Access) Posts: 32,865 ✭✭✭✭MagicMarker


    deisecelt wrote: »
    Im more thinkin of swapping house and keeping my own mortgage. So person living in my house would pay there mortgage for house im living in and vice versa. Just think there might be a niche there for someone with the legal jargon to latch onto. Or maybe its a bit complicated and nonsensical. Its a bitch workin 50hr weeks and having shag all disposable income!!!
    How will changing house but keeping the same mortgage change anything other than the roof over your head?


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