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Thread: Mortgages

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    My Learnered Friends.....

    A question on mortgages. We are looking at selling our current property which has a mortgage on it. Not a big one, i hasten to add.

    Is it possible to sell a house with a mortgage on it, carry on paying the mortgage but the remainder of the capitial being held back until we find a new place to buy?

    Or, on sale of the property, would the bank insist the mortgage is cleared?

    We want to sell first then look and buy a new place without being in a chain.

    Any advice or experience if this is at all possible with the bank?

    Cheers
    Aidi

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    When you sell your house you have to clear the existing mortgage from the funds of the sale.

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    The solicitor will settle all debts on the property as part of the completion and this will include any mortgage, the mortgageby definition is a loan against property as security with the mortgage provider having first charge on the property, this means should it be sold they get their cash first, if you don't have a property to move to they will close the mortgage and settle the account.

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    Yeah this is what we thought. Its not the repaying of the mortgage, its the early settlement fee which is going to be the killer.

    We want to be in a position with our money not held against the exisiting property when we come to buy our new one. Would hate to put in a bid on a new place, only for the sale of our current property to fall through and loose out.

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    Don't forget your mortgage lender is in possesion of the deeds for your property. They ain't gonna let em go whilst you've got a big chunk of their money!

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    Quote Originally Posted by Aidi View Post
    My Learnered Friends.....

    A question on mortgages. We are looking at selling our current property which has a mortgage on it. Not a big one, i hasten to add.

    Is it possible to sell a house with a mortgage on it, carry on paying the mortgage but the remainder of the capitial being held back until we find a new place to buy?

    Or, on sale of the property, would the bank insist the mortgage is cleared?

    We want to sell first then look and buy a new place without being in a chain.

    Any advice or experience if this is at all possible with the bank?

    Cheers
    Aidi


    Hi Aidi,

    I currently work for a top sub-prime mortgage company and I will explain this for you.

    When you sell the house, the mortgage needs to be paid off as well so that the property can be full transferred over to the new owners.
    Meaning that if there is still an existing mortgage on the property, the title deeds and rights cannot be fully transferred over to the new owners until all debts on the property are cleared. They can buy the property but by law the property will remains yours until your name is removed (by clearing debts).

    Some mortgage lenders however do porting/transferring of mortgages from one property to another but you will need to look hard for these as it is coming more and more scarce.

    Peace

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