retain some of the money to buy a smaller property or pay off mortgage in full?

I've just recently taken early retirement and the sale of house is agreed which will just about pay off my debts and remaining balance of my tracker mortgage.

I am considering emigrating but would still like to keep a small base here in Ireland.

I cant decide whether to retain some of the money to buy a smaller property or pay off mortgage in full and take out a new loan!

The problem is I may not be ready to buy immediately and I'm not sure if the Bank (UB) would accommodate me once I've paid off the loan in full.

Not sure what you are asking, if you are selling the house then it is not an option not to pay off the loan?

Nova said:

I cant decide whether to retain some of the money to buy a smaller property or pay off mortgage in full and take out a new loan!

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You don't have a choice, the mortgage relates to the house and once sold the mortgage will be paid first, with the remainder of the proceeds going to you, unless the bank agrees otherwise...

Nova said:

I cant decide whether to retain some of the money to buy a smaller property or pay off mortgage in full and take out a new loan!

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Luckily for you you've no choice. The sale will not proceed until the mortgage is paid. As for your other debts, you will have the money to pay those down and start a new life abroad with a clean sheet. How wonderful is that.

If you've no job after the sale than you will not get a mortgage. If you are emigrating why would you want to go to the hassle and expense of being a landlord? Do you really want to do that?