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Moving home with a mortgage

mrty · 2014-06-24 17:20:05

Hey, the issue I have is that I'm looking to move house but already have a mortgage my plan if possible is to sell the house I have then buy another. I was just wondering how this would work with the bank. The house I'm looking to move too is cheaper than the house I'm in now its also less than the remainder of my current…

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24-06-2014 6:20pm

#1

mrty

Registered Users Posts: 139 ✭✭

Join Date: June 2014

Posts: 111

Hey, the issue I have is that I'm looking to move house but already have a mortgage my plan if possible is to sell the house I have then buy another. I was just wondering how this would work with the bank. The house I'm looking to move too is cheaper than the house I'm in now its also less than the remainder of my current mortgage. Any advise gladly accepted. Many thanks.

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#2 24-06-2014 6:47pm
The_Morrigan

Registered Users Posts: 9,368 ✭✭✭

Join Date: January 2010

Posts: 8655

When you sell your existing house, the proceeds from the sale are used to pay off your existing mortgage. If you have any surplus left over that is yours to keep, if the proceeds don't cover the outstanding debt you must repay the shortfall.

The new house purchase will require a new mortgage application. Go and talk to your bank and they will be able to advise you the best course of action.

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