Keeping mortgage after selling home

Discussion in 'Mortgages' started by Paddycfc22, Oct 23, 2019.

  1. Paddycfc22

    Paddycfc22 New Member

    Hi, I'm currently paying a mortgage on a property that I purchased 5 years ago but about 2 years ago I moved back home as I was made redundant.So I still have been paying my mortgage each month with my saving as I'm waiting for the property to sell.

    Problem is I dont have a job anymore that would show me being able to easily pay the mortgage amount each month ( I have savings that would cover me for a good few years) Also currently started my own business so my earnings aren't the greatest in my first year

    Question is if I sell my house for what I have it at can I then keep my mortgage and buy a property again for the same price or even cheaper without having to go through the whole check again ? So basically a straight swap to a new property. Is this possible?

    Sorry for the long spiel just wanted to cover everything so I can get an answer to this question. Thank you
     
  2. FWL

    FWL Member

    I dont think you will be able to - in fact were you not obligued to tell the mortgage company when your employment situation changed?
     
  3. Paddycfc22

    Paddycfc22 New Member

    Yes the mortgage company know of the situation and I can just keep making payments it's fine. Only problem was I couldn't do a fix mortgage again in my current situation.

    I have a meeting with them next Monday and I'll ask them what they can do but I'll probably just need to sell and get a new mortgage next year hopefully once I can show my new earnings.

    Was hoping there was a way to switch my mortgage to another home but haven't heard anyone do that to be honest.
     
  4. Unless it was with the same mortgage company you would need to go through an affordability test. You might even need to go through it with you existing mortgage company again.

    I think it will all resolve itself once you are back in employment.
     
  5. Conrad Paton

    Conrad Paton Member

    Hi Paddy,

    I hope your new business goes well

    To answer your question on whether your current mortgage can be transported or moved to another property, you need to ask your lender I'm afraid.

    Every mortgage product is different and different lenders have different rules as to whether their products are transferable.

    The above answers are just speculation I'm afraid. Contact your lender and find out.



    Conrad Paton
     
  6. Hi @Conrad Paton

    I would be interested to here your comments on the best possible solution?
     
  7. Conrad Paton

    Conrad Paton Member

    Hi Post,

    I have answered the OP's questions

    Read up ^^
     
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