transfer mortage from 1 property to another

rania

Registered User
Messages
84
hypothetical q
house bought for 275k
need to move to different county
can you sell for eg 250k
and buy a house for 180k, and add the 25k you owe to bank onto mortagage of new house?
also how long can you freeze mortgage payments for,ie interest only-is it 6months over the life of mortgage?is there any descretion used in this situation>?
 
You can sell your house for 250k and the remaining 25k owed would be restructured as a personal loan which would have a higher interest rate.

With regards to the second house, it is like applying for a new mortgage. As you would already owe the bank 25k, it would be unlikely they would give you a futher mortgage of 180k. I think they would expect you to pay off the 25k and stump up 10% of 180k as a deposit so you would need about 43k in savings

Maybe some others can confirm if the above is true
 
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