Advertisement
If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)
Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Mortgage transfer question

Options
  • 25-02-2014 2:01pm
    #1
    Borderfox
    Registered Users Posts: 10,257 ✭✭✭✭


    I have an investment tracker on a property for sale in Dublin, going to buy a home in Meath. Is it possible to transfer mortgage to new property and pay off part of balance or do I need to clear mortgage with sale and draw down new mortgage for purchase?

    Mods feel free to move if unsuitable


Comments

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


    Borderfox wrote: »
    I have an investment tracker on a property for sale in Dublin, going to buy a home in Meath. Is it possible to transfer mortgage to new property and pay off part of balance or do I need to clear mortgage with sale and draw down new mortgage for purchase?

    Mods feel free to move if unsuitable

    You need to clear and get new mortgage for new property.


  • Options
    #3
    Ritchi
    Registered Users Posts: 319 ✭✭Ritchi


    chris85 wrote: »
    You need to clear and get new mortgage for new property.

    Are you sure? I know someone who is moving their tracker after selling, obviously the tracker will only apply to the amount they had previously, anything extra is at non-tracker rates.


  • Options
    #4
    Borderfox
    Registered Users Posts: 10,257 ✭✭✭✭Borderfox


    Thanks for replies, the uncertainty is good. I will ask solicitor and see.


  • Options
    #5
    NIMAN
    Registered Users Posts: 33,628 ✭✭✭✭NIMAN


    If you sell a property then you clear that mortgage and take out a new one.


  • Options
    #6
    NIMAN
    Registered Users Posts: 33,628 ✭✭✭✭NIMAN


    If you sell a property then you clear that mortgage and take out a new one.


  • Advertisement
  • Options
    #7
    alias no.9
    Registered Users Posts: 6,310 ✭✭✭alias no.9


    Assuming you want to sell the first property, talk to your bank. There are some products on the market but generally only for those in negative equity.


  • Options
    #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,285 Mod ✭✭✭✭The_Conductor


    There are a few products out there- but they are aimed at people selling their PPR- not investments- and in general its to facilitate people moving despite being in negative equity. In your case- its an investment, not a PPR- and I've be really really surprised if a lender was willing to facilitate you in this endeavour.

    Point to note- 75% of the interest in your case, is an allowable cost (which is not the case for a PPR).


Advertisement