Tracker Mortgage Query

portcrap

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

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

chris85

homer911 wrote: »

No

+1

Not a chance

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!!

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.

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