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Selling and Buying house without involving bank.

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  • 18-02-2013 1:26pm
    #1
    panevthe3rd
    Registered Users Posts: 344 ✭✭


    Hi, I don't know if there is any way of doing this or not. A bit of background.

    We got a mortgage in 2007 for a 280,000. We are now looking to sell our house and buy another in a different location.

    I think our house could be sold for around 180,000 and the other house we are looking at would cost about 160,000.

    I've been to the bank (Ulster Bank) and they say there is no way to do this without either losing our tracker and getting a second mortgage.

    So what I'm wondering is:

    Is there any way of selling my own house for 180,000 and using 160,000 of that to buy a new house without the bank being involoved?

    Legally of course.

    I know there probably isn't but its worth asking.

    Thanks.


Comments

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    #2
    NIMAN
    Registered Users Posts: 33,594 ✭✭✭✭NIMAN


    Simple answer, no.


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    #3
    MarkR
    Moderators, Regional Midwest Moderators Posts: 11,101 Mod ✭✭✭✭MarkR


    No. Your current mortgage is secured by the property you want to sell.


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    #4
    panevthe3rd
    Registered Users Posts: 344 ✭✭panevthe3rd


    yeah I thought as much but had to ask anyway. Thanks for the replies.


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