Can I sell my house but not pay off my mortgage?

C

cdmcc

Guest
Hi

First post so hope I am in the right place!

I currently am lucky enough to have a tracker mortgage and am entitled to it for the next 13 years. We are looking to sell the house and rennovate my mothers house as she now requires more fulltime care.

I want to keep the Tracker mortgage but need a substantial amount to renovate my mothers house to cater for her and my family.

I was thinking of selling our current house and using the proceedings to cover the cost of the rennovation of my mothers house and continue to pay the mortgage as per usual. If I have to pay it off I will loose the Tracker and end up on a more expensive variable!

Any help on this would be very much appreciated.
 
cdmcc said:
Hi

First post so hope I am in the right place!

I currently am lucky enough to have a tracker mortgage and am entitled to it for the next 13 years. We are looking to sell the house and rennovate my mothers house as she now requires more fulltime care.

I want to keep the Tracker mortgage but need a substantial amount to renovate my mothers house to cater for her and my family.

I was thinking of selling our current house and using the proceedings to cover the cost of the rennovation of my mothers house and continue to pay the mortgage as per usual. If I have to pay it off I will loose the Tracker and end up on a more expensive variable!

Any help on this would be very much appreciated.
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I cant see bank releasing deeds to house and lose its only security on loans
 
No, you can't. The mortgage is charged on the house as security. When you sell you have to discharge the charge over the property for the new owners.
 
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