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Mortgage transfer question

  • 25-02-2014 1:01pm
    #1
    Borderfox
    Registered Users, Registered Users 2 Posts: 10,263 ✭✭✭✭


    I have an investment tracker on a property for sale in Dublin, going to buy a home in Meath. Is it possible to transfer mortgage to new property and pay off part of balance or do I need to clear mortgage with sale and draw down new mortgage for purchase?

    Mods feel free to move if unsuitable


Comments

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


    Borderfox wrote: »
    I have an investment tracker on a property for sale in Dublin, going to buy a home in Meath. Is it possible to transfer mortgage to new property and pay off part of balance or do I need to clear mortgage with sale and draw down new mortgage for purchase?

    Mods feel free to move if unsuitable

    You need to clear and get new mortgage for new property.


  • #3
    Ritchi
    Registered Users, Registered Users 2 Posts: 319 ✭✭Ritchi


    chris85 wrote: »
    You need to clear and get new mortgage for new property.

    Are you sure? I know someone who is moving their tracker after selling, obviously the tracker will only apply to the amount they had previously, anything extra is at non-tracker rates.


  • #4
    Borderfox
    Registered Users, Registered Users 2 Posts: 10,263 ✭✭✭✭Borderfox


    Thanks for replies, the uncertainty is good. I will ask solicitor and see.


  • #5
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,685 ✭✭✭✭NIMAN


    If you sell a property then you clear that mortgage and take out a new one.


  • #6
    NIMAN
    Registered Users, Registered Users 2 Posts: 34,685 ✭✭✭✭NIMAN


    If you sell a property then you clear that mortgage and take out a new one.


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  • #7
    alias no.9
    Registered Users, Registered Users 2 Posts: 6,352 ✭✭✭alias no.9


    Assuming you want to sell the first property, talk to your bank. There are some products on the market but generally only for those in negative equity.


  • #8
    The_Conductor
    Moderators, Society & Culture Moderators Posts: 32,286 Mod ✭✭✭✭The_Conductor


    There are a few products out there- but they are aimed at people selling their PPR- not investments- and in general its to facilitate people moving despite being in negative equity. In your case- its an investment, not a PPR- and I've be really really surprised if a lender was willing to facilitate you in this endeavour.

    Point to note- 75% of the interest in your case, is an allowable cost (which is not the case for a PPR).


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