Moving Home - Can I Transfer Existing Mortgage?

[ThirstyLizard]

Hi all,

I am looking at moving to a new home in the coming months. I will be selling the existing home on which I have a variable rate mortgage with AIB - 33yrs remaining.

The new home will be significantly more expensive, however I will be funding the additional difference with cash, so will not require increased mortgage funding.

I was wondering if it would be possible to transfer the existing mortgage to a new property?

I would hope to hold on to the mortgage from the current property, rather than having to re-apply for a new mortgage as I wan't to avoid having to go through the mortgage approval process.

Cheers!

 

[Monbretia]

No, it won't work like that, the mortgage on the existing property will have to be cleared to allow the sale go through and you will have to apply for a mortgage on the new property, even if the amount and term etc are the same.

 

[ThirstyLizard]

No, it won't work like that, the mortgage on the existing property will have to be cleared to allow the sale go through and you will have to apply for a mortgage on the new property, even if the amount and term etc are the same.

Thanks for the reply.

Would the application process be the same as if you were applying for a brand new mortgage? My circumstances have changed recently and I wouldn't think I'd get approval now...

 

[Brendan Burgess]

Yes, the application process will be the same.

If your circumstances have changed, then they will take that change into account.

Brendan