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Transfering a mortgage

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  • 19-07-2013 11:00pm
    #1
    shamrock55
    Registered Users Posts: 7,209 ✭✭✭


    If i sold my house and payed off the mortgage could i then just transfer that mortgage onto another property of same value or less basically like paying what i am now just for another property where we are now is a bit small bought b4 we had kids and im not too confident id get a new mortgage now if we could just carry on paying what we are now but in a more suitable house rather then having to start all this talking to banks and trying to get a new mortgage, the crowd im with know our ability to pay as we have been paying the mortgage now for 11 years without any problems


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    #2
    beeno67
    Registered Users Posts: 1,218 ✭✭✭beeno67


    shamrock55 wrote: »
    If i sold my house and payed off the mortgage could i then just transfer that mortgage onto another property of same value or less basically like paying what i am now just for another property where we are now is a bit small bought b4 we had kids and im not too confident id get a new mortgage now if we could just carry on paying what we are now but in a more suitable house rather then having to start all this talking to banks and trying to get a new mortgage, the crowd im with know our ability to pay as we have been paying the mortgage now for 11 years without any problems

    No


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    #3
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    shamrock55 wrote: »
    If i sold my house and payed off the mortgage could i then just transfer that mortgage onto another property of same value or less basically like paying what i am now just for another property where we are now is a bit small bought b4 we had kids and im not too confident id get a new mortgage now if we could just carry on paying what we are now but in a more suitable house rather then having to start all this talking to banks and trying to get a new mortgage, the crowd im with know our ability to pay as we have been paying the mortgage now for 11 years without any problems

    If the property is not in negative equity- you can sell the property at any stage, and refund the mortgage. If there is negative equity involved- you need the express permission of the lender, before you can sell the property.

    There were proposals to allow people to sell properties in NE and move to a new property, bringing the NE associated with property 1 with them. They were never particularly popular- I think PTSB were the only company who had this product (open to correction on this).

    Talk to your current lender- see what they say- it sounds likely that after 11 years you may have made a reasonable dent in the principle on the property- however, you could still be in a NE situation- you need to clarify matters with your lender.


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    #4
    shamrock55
    Registered Users Posts: 7,209 ✭✭✭shamrock55


    Im not in negative equity at at all its just that when i sell my house rather then having to start all over again trying to get a new mortgage could i just look for a new house to the value of my original mortgage so i would pay off my original mortgage lets say 200,000 , basically my original mortgage starts over again only with a new property


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    #5
    shamrock55
    Registered Users Posts: 7,209 ✭✭✭shamrock55


    I think its called a portable loan

    The old home is sold and paid off,as is the old mortgage,instead of starting a new one the old terms are used to mortgage the new home,this gives the appearence of a transfer,but in reality the portable loan is a way to recycle the loan terms you had before


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    #6
    StillWaters
    Closed Accounts Posts: 1,799 ✭✭✭StillWaters


    No. You will have to apply for a new mortgage, and satisfy all the usual criteria.


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    #7
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    shamrock55 wrote: »
    I think its called a portable loan

    The old home is sold and paid off,as is the old mortgage,instead of starting a new one the old terms are used to mortgage the new home,this gives the appearence of a transfer,but in reality the portable loan is a way to recycle the loan terms you had before

    This is possible in the States- in some limited circumstances. Not a snowballs chance in hell of getting it here.


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