Which, if you think about it, will leave you in the same effective position. It would go like this: on your sale, you receive ￡120,000, ￡90,000 goes to pay off the mortgage, and you have ￡30,000. On your purchase, and let's say it's another ￡120,000 house, you take out a ￡90,000 mortgage and need the ￡30,000 to pay the seller the rest of the price. If you could transfer the mortgage, you would need the whole ￡120,000 to pay the seller because there's no new money coming from the mortgage lender - that's the bit you seem to have forgotten. The ONLY way to make a profit is the obvious one: move to a cheaper house.
No, you can't transfer a mortgage to another property.
You sell your house for ￡120k, pay off the mortgage (so say ￡90k), leaving you with around ￡30k Then when you buy another house, you get another mortgage for that property
The mortgage company have a charge on your deeds which will be paid off when you sell. Your conveyancing solicitor will have no option other than to arrange this or the sale will not take place.
When you sell the house, the Land registry notifies you mortgagr company of the sale, so I should imagine, they will want you to pay offf the balance of your mortgage from the sale.
No. You have to pay off your mortgage and start again with a new mortgage ( and all the fees that go with it).
UK
Of course not. But you can get a new mortgage on the new property.
I have a mortgage on my property for ￡90,000 I've had on offer of ￡120,000. What I'm wondering could I sell the house keep the ￡120,000 and transfer my mortgage to another property and keep making my repayments. Any advice will be good cheers.
