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Keeping mortgage or apply for new one??

  • 06-01-2014 8:33pm
    #1
    Peekyweeky
    Registered Users, Registered Users 2 Posts: 7 ✭


    Hi just wondering if anyone has can answer this for me.have a house for approx 10 yrs prob mortgage now of 160/170.it was my starter home have since had children and we really need a bigger house.if I manage to sell this can I keep my existing mortgage or do I have to apply for a new one?currently I have a tracker mortgage. Ave a large sum of savings which we planning on building our own house.making appointment wit bank this week but was just wondering a would anyone here know.thks for reading. Also I'm self employed and know this can prove a nightmare when applying for mortgage .


Comments

  • #2
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,685 ✭✭✭✭NIMAN


    afaik, once you sell a property you MUST clear the mortgage on it and take out a new one (well thats what AIB told me when we moved).


  • #3
    Peekyweeky
    Registered Users, Registered Users 2 Posts: 7 ✭Peekyweeky


    Oh ok thks for that!!!


  • #4
    jt69er
    Registered Users, Registered Users 2 Posts: 340 ✭✭jt69er


    Yes, you must clear mortgage on property once its sold,solicitor wont release any remaining funds until all fees,mortgage etc are cleared first.


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