Can you transfer mortgage to a new property

[Gerryok]

My current mortgage balance is approx 115k and thankfully house still has equity on it and should we sell it we should get a minimum of 165k. My wife and i have been gifted approx 80k by her parents to help us upgrade to a bigger family home and the house we're interesed in is for sale for approx 230k....the problem is that i have recently opened a business and my wife is a stay at home mum to our 2 kids. We owe approx 20k on for business loan to credit union and have a personal loan of approx 9k with BOI who are also our mortgage providers we have no savings. Is there any way of reaching an agreement the bank to transfer our o/s balance to new property if we sold our house and used gifted money for the balance? We effectively want to keep the same mortgage with same repayments that we have comfortably managed paying for 8 years but if we would not be even considered if we were starting from scratch again....i know it's a long shot but any advice welcome

 

[Brendan Burgess]

you can't transfer a mortgage.

When you sell you must repay the mortgage.

If it's a cheap tracker, you may be able to negotiate a firm commitment from them to give you a new mortgage but at market rates.

Brendan

 

[marksa]

the point that most people miss in this scenario is that what you have is a mortgage on the property which is used as security for the loan. so the mortgage is property specific and cannot be transferred. It would also be a new credit agreement with respect to the loan - with a new loan document listing the new security.