Moving house and mortgage

dersawazzie

Hi guys , what is the position when moving house with an existing mortgage.

The position would be that the mortgage on the new house would be no more than what I have existing at the minute. Can the mortgage just be transferred ? Or does the existing mortgage have to be paid off with the funds from the house sale and then a new mortgage taken out on the new property.

Thanks in advance

phormium

First mortgage must be cleared, new loan application for new house. Cannot simply be transferred.

f9710145

..and just becasue you owe x to them now and are happily paying it back without issue doesn't guarantee they will give you the same amount again.

dersawazzie

phormium wrote: »

First mortgage must be cleared, new loan application for new house. Cannot simply be transferred.

Thanks , I didn't think it would be as easy as just transferring it , but was more hoping.

f9710145 wrote: »

..and just becasue you owe x to them now and are happily paying it back without issue doesn't guarantee they will give you the same amount again.

Thanks , yes this is my main concern. Just to put a little more info on my position , I've luckily never had any issues with my payments , but in the current climate feel that this may prove to be a problem. I think the best bet is to see my bank and see where I stand with them. Cheers

sweet_jesus

Hey guys, just picking up on this thread now and find myself in a similar(ish) position - i have a house (with a mortgage in favour of Bank of Ireland) which unfortunately i am not living in due to the fact that it's located in a small town in which i'd have no prospect of getting a job. I'm working in Dublin and paying rent here and i wondered whether anyone out there has had any experience in contacting their Bank with a view to agreeing to transfer a mortgage on one property onto another property (in Dublin) that the Bank may have repossessed or is sitting on the Bank's balance sheet...i mean the Bank might be happy to forego the smaller exisiting mortgage in favour of a larger mortgage on a property it wont be able to sell in the forseeable future, no?

Its just that paying a mortgage on a property that im not living in, while at the same time paying rent on a house here in dublin's getting very difficult at present...

here's hoping someone out there's been through this....

thanks.

Noffles

Would be intrigued to read responses to this... especially if this has actually worked for someone...

Would be very surprised though, the bastard banks aren't helping anyone currently and don't seem to have any plans to do so... suck up the bailout money and **** the public.... should be shot!