Moving house - moving mortage

Whispered

Myself and my husband have been thinking lately that we'd like to look at moving. We've got a mortgage on the house we're living in and we're managing it, just about, but we would not get another mortgage even if we sold the house and cleared what we owe.

Has anybody heard of an option which would allow you to sell your house (at a loss in our case) and transfer the whole amount of your loan onto another house.

So say we owe 250,000 and can sell for 180,000 - is it possible to transfer the loan of 250,000 onto another house worth 180,000. We would be still paying more than what the house is worth but we wouldn't owe the bank any more money than we do now. Basically all that changes is the address on our loan.

I know there are a lot of if's and buts, we would have a hard time selling I know, but there is no point in us even looking at it if there is no way we can move our loan around like that.

I know very little about property etc so if I've made a very silly mistake in my thinking here please be gentle in telling me so.

djmcr

Have a look at this press release,may be what you are looking for

http://www.bankofireland.com/about-boi-group/press-room/press-releases/item/312/bank-of-ireland-announces-new-mortgage-options-for-customers-in-negative-equity/#april