can mortgage transfer to new property

[majee]

Hi,

this might seem like an odd question. We have a tracker mortgage with Ulster Bank. We are hoping to move house in the short term and if/when we move there should be very little difference in our mortgage amount at the end of the day. My question is this - do you have to clear your mortgage on the original house and begin a new one or can you transfer the original mortgage to the new property. Reason I ask is that someone I know said that they did this successfully. I would have thought that you would have to clear the original and get a new mortgage for the new property.

thanks, majee

 

[LDFerguson]

Technically when you sell one home and buy another, you do pay off one mortgage and start another.

Ulster Bank were offering a facility whereby you could keep your tracker rate on your new mortgage if you moved home. See [broken link removed]. But I think they may have withdrawn that more recently.

 

[wbbs]

There is also one mortgage that I know of that you can actually transfer from property to property without having to clear it and that is the Current Account mortgage previously issued by First Active, now with Ulster Bank. If it was one of those your friend had then you could indeed transfer but I don't think there is any other type out there than can be just transferred without clearing and starting again.