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Tracker Mortgage Query

  • 01-05-2015 11:51am
    #1
    portcrap
    Registered Users, Registered Users 2 Posts: 296 ✭✭


    Hi

    Buying a property off my father which is in slight negative equity. The mortgage is a tracker and obviously do not want to lose this in the short to medium term. Is there a way of transferring the property to my name while still keeping the existing tracker facility?

    Thanks for any advice


Comments

  • #2
    homer911
    Registered Users, Registered Users 2 Posts: 5,139 ✭✭✭homer911


    portcrap wrote: »
    Hi

    Buying a property off my father which is in slight negative equity. The mortgage is a tracker and obviously do not want to lose this in the short to medium term. Is there a way of transferring the property to my name while still keeping the existing tracker facility?

    Thanks for any advice

    No


  • #3
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    homer911 wrote: »
    No

    +1

    Not a chance


  • #4
    jon1981
    Registered Users, Registered Users 2 Posts: 4,359 ✭✭✭jon1981


    chris85 wrote: »
    +1

    Not a chance

    I'd happily take over the tracker mortgage on any property I'm trying to buy :)

    Not a hope OP!!


  • #5
    Chris_5339762
    Registered Users, Registered Users 2 Posts: 5,967 ✭✭✭Chris_5339762


    Be aware that keeping it in his name and you paying the mortgage for him (the obvious alternative) could make you liable for gift tax as well.


  • #6
    portcrap
    Registered Users, Registered Users 2 Posts: 296 ✭✭portcrap


    Thanks for the replies, seems to be a possibility in the states if the mortgage agreement has the right to assumption. No such luck in Ireland :)


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