Mortgage Swap

[keithrf900]

Is it possible to swap your mortgage to a different house that is worth more but i would'nt have to put any extra money the other persons way? A realation of mine wants a smaller house. I would swap him mine for his, no cash, his is paid off so he owns it outright.Would my mortgage just get swaped over to the new house or is it as easy as it sounds? Its Ireland so i guessing i would have to jump through a few hoops or something. I dont know if any banks would go for this or have even done it for anybody but i would be interested to know.

 

[wbbs]

No you cant just swap a mortgage, the mortgage is secured on the particular property so effectively you are selling a house and buying another one and would need to take out a new mortgage on the new property.

Having said that there is only one mortgage to the best of my knowledge where you can actually do this and that was the current account/offset mortgage which was issued by First Active back in the day. These can be moved from property to property.

 

[keithrf900]

Thanks