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Mortgage question

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  • 24-03-2011 9:57pm
    #1
    blaze1
    Registered Users Posts: 1,559 ✭✭✭


    Hi folks,

    Not sure if this would be the correct place to put this so mods feel free to move in needed.

    Now I am currently struggling to meet my mortgage payments and in a couple of k arrears,

    So my question is IF i am able to sell my house (which would be for approx 50k negative equity) would the bank allow me to transfer my mortgage on to a new property which would be cheaper?

    Has anyone heard of this or would the bank just point blank not allow it?


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    #2
    ytpe2r5bxkn0c1
    Closed Accounts Posts: 32,688 ✭✭✭✭ytpe2r5bxkn0c1


    It varies. Best to simply contact your bank and ask.


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    #3
    RebelButtMunch
    Registered Users Posts: 2,378 ✭✭✭RebelButtMunch


    Doubt it. I dont think that such a thing as transferring mortgage exists. You'd have to close one off, with permission of the bank to owe them the balance. Will they even allow that? You could discuss with them that at least they would get 'something' better than you missing a lot of payments and the overhead they would incur with that.


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    #4
    dudara
    Registered Users Posts: 33,519 ✭✭✭✭dudara


    Moved to Banking & Insurance & Pensions

    dudara


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    #5
    Dabouche
    Registered Users Posts: 33 ✭Dabouche


    From what I know the bank won't allow you to transfer the shortfall. When you apply for a MTG you submit a valuation of the property. Depending on the banks policy they won't lend you more than 90/92% of the value of the property.
    You might be better checking to see if you can get a personal loan for the shortfall though that might have implications on your MTG application.


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