Query transfer of mortgage to another property

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Folks, I'm hoping someone can help my on this one. The answer may appear very apparent to some, but its not so clear to me at the minute.

I currently own a property, three years into a 5 year fixed term mortgage, mortgage take out for €190k, house, I expect, is now currently worth 205k.

I've found a property I'd like to move to, closer to work etc, asking price €165k.

What happens my mortgage if I sell, say for €200k?...given its halfway into a 5 year fixed term, and my new mortgage is €165k?

Cheers.
 
The old mortgage must be paid off when you sell the house from the sale proceeds. If on a fixed rate a breakage cost will be applicable and you should check in advance how much this will be. Then you take out a new mortgage to buy second property.
 
Vanilla, many thanks for your help. If I was to stay with my current provider I wonder would the break out fee be negotiable. I assume I carry my mortgage relief onto the second property?
 
If you still qualify for TRS, yes it can be carried on. As for staying with the same mortgage provider, yes I've seen some do a better deal in those circumstances in the good times, not sure about now. Only one way to find out- ask.
 
hi questionable if you are staying with the same provider and happy to keep ur current rate for the remainder of the term they may be able to switch it to the new property but as the new mortgage will be smaller they will prob still charge you a smaller breakout fee
 
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