Selling house and transferring rest of mortgage to new house

M

MrsH

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Hi,

Would really appreciate any advice.

My husband has a house which is worth roughly 120K and a mortgage of 300K. We are in the fortunate position that I own a home worth 460K mortgage free. Can we sell the house and transfer the rest of the mortgage from his house onto my house?

Thanks,

Lisa
 
MrsH said:
Hi,

Would really appreciate any advice.

My husband has a house which is worth roughly 120K and a mortgage of 300K. We are in the fortunate position that I own a home worth 460K mortgage free. Can we sell the house and transfer the rest of the mortgage from his house onto my house?

Thanks,

Lisa
Click to expand...

No. Not directly.
A mortgage is attached to a property.
The property cannot be sold without the mortgage being repaid.

You could try get a mortgage on the second house and then have the funds to pay off the first mortgage, but I have no idea if you and your husband would qualify for a 180K mortgage in the current market.
 
You need to think carefully before taking this course of action. Are you satisfied to take on joint liability for your husband's mortgage? Do you absolutely need to sell the house in this market? The 2nd house is yours and you now have full flexibility over an asset debt free and worth 460K. The Bank cannot grasp your asset to cover your husband's mortgage. Once you pledge it as security you will have no flexibility on this property.
 
Thanks for the advice guys. Think we might rethink doing it after all. At least we can definitely keep my house this way!
 
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