moving mortgage from one house to another

[Massey]

Hi,

Have a question I'm hoping you can help with. We are arranging a swap with a builder - he is taking our house, we are taking his. We have a tracker mortgage with the bank. We do not want to lose the tracker or be forced to take a fixed or variable rate. We are not requesting more money or a change in the duration, just a transfer from our current house to the new house. Initial comment from the bank was we would have to give up tracker. Some people have mentioned to me that we should be able to move from one to the other without being forced to change the mortgage itself. Can anyone advise or help here? Thanks for any help or comments provided.

 

[Ann1]

A house swap is basically the same as a sale and purchase. You will need to qualify for a loan on the new property just the same way you did when you bought your present home.You will basically be seeking loan approval. The bank will send out a surveyor to value the property. If one or both of the homes are in negative equity you may be looking at having to come up with deposits. You will have to pay stamp duty of 1% up to 1 million and 2% above 1 million. There will also be the usual solicitors fees. I'd say keeping the tracker may be the least of your worries.....

 

[wbbs]

Yes you are effectively buying and selling. Don't suppose you have a First Active/Ulster Bank offset mortgage? That is the only type I know of that can be moved from house to house without losing the rate.