Moving mortgage having left country?

Experience_day

Is this possible? I have just come off a fixed rate with BOI and the mortgage is quite a bit more hefty on the variable rate etc.

I have left the country and intend to rent the house out to the council (final stage of it).

Is it possible to transfer the mortgage to someone else or even back to fixed with BOI? I'm not sure if me having gone abroad is something that will give them the right to end my mortgage or whatever so I'm wary.

My new salary is significantly higher (same industry) by several factors so hopefully that would mitigate any fears?

thanks!

dotsman

Living abroad will have no impact on your ability to fix the interest rate.

It would be difficult to switch banks as the new bank would need an Irish address for you (recent utility bills in your name).

You can't "transfer" a mortgage to another person. They would need to get their own loan and purchase the property from you.

Experience_day

dotsman wrote: »

Living abroad will have no impact on your ability to fix the interest rate.

It would be difficult to switch banks as the new bank would need an Irish address for you (recent utility bills in your name).

You can't "transfer" a mortgage to another person. They would need to get their own loan and purchase the property from you.

Hmm I still have utility bills coming through in my name as I've let family use the house for now so still electricity/gas. But I guess they will ask for salary and see it's foreign and then run a mile?

So looks like just going to fix the rate and see how that goes!

antix80

Back to fixed with boi is the best option if the rate is good, but 5 years min and if possible as long as you'll be renting to the council as it removes uncertainty.