Selling My Home!!

[NicolaG]

Sorry if this is a stupid question but can you sell your home and transefer your mortgage to a cheaper home.... So in short Existing home loan €249k Sell For €260k new home €239k will the banks transfer the mortgage or what is the procudure. Also I am on a tracker!!

 

[WindUp]

At present you cannot bring your tracker with you

Was in the news today actually --from RTE

Tracker mortgages
The Department of Finance is to hold talks with banks about allowing people with tracker mortgages take their trackers with them when they move home.
John Moran head of the Department of Finance said the Department needed to work with the banks and the regulator on the issue.
He said he understood the issue was stopping people from trading up.

 

[LDFerguson]

Aside from the proposals in WindUp's post above and a rare number of mortgage products (e.g. some Offset Mortgages) you cannot transfer a mortgage to a new property.

The procedure in 99% of cases is that you sell the property and clear off that mortgage. As an entirely unrelated transaction, you apply for a new mortgage for the new property.

Liam D. Ferguson