Do i need to re-mortgage if I am not changing the amount I am borrowing

A

adac

Guest
I am looking to sell my house which has a mortgage on it and buying another house. However, as i have some savings, I don't need to change the amount of my mortgage.

I really just need to change the legal end of things.

I want to avoid having to go through mortgage approval again and also I don't want to lose my existing tracker mortgage.

Does anyone have any advice on this?
 
Doesn't work the way you want .... You sell your house, use funds to pay off mortgage, pay off negative amount (if any), get approval for another mortgage and buy new house.

And you'll lose your tracker mortgage.

And ... you'll need the services of a solicitor for the sale of house ... and purchase of the new house.
 
Cant be done. The mortgage is attached to the house and will have to be cleared in order for bank to release deeds, you will need to take out a new mortgage on the new house. Doesnt matter if amount is the same it is not as simple as switching the mortgage from one house to another. Doubt there is any bank out there that could or would do that, probaby will lose the tracker rate.
 
ok, thanks you confirmed my worse fears. I suppose I cam going to have to stay put
 
Dont suppose it is a First Active Offset Mortgage? That mortgage can be transferred to a new property without closing the existing mortgage account, which means in effect you keep the tracker rate.
 
Back
Top