Moving Home

Yes. This is known as “porting,” and it is available on the majority of mortgages. Different fees will apply depending on whether you retain the same amount of borrowing, increase it, or decrease it, with lowering your borrowing being the most expensive choice.

In Ireland, you can move a mortgage on your home from one lender to another if you are current on your payments and the property is not in negative equity.

A portion of the loan authorized for the buyer is moved to your loan account to close it, and the remainder is transferred to the buyer’s new loan account. However, the buyer would be responsible for any usual loan processing modifications.

So, you can sell or acquire a mortgaged home, but as a seller, keep in mind that if you sell the property within three years of obtaining it, you will suffer short-term capital gains tax, which will reduce your return on investment. Furthermore, selling the property within five years after purchasing it will result in the reversal of tax deductions. As a result, while it is true that as a buyer, you would be in a better position if you purchase a home with a mortgage, the seller may have to sacrifice considerably on his profit margins if he sells it within the first few years.

It is feasible to transfer your existing mortgage and borrow additional money, but the process is more involved than just maintaining the loan amount the same.

There are three important things to know if you want to transfer and grow your borrowing:

• If you are currently borrowing at or near the maximum amount that your lender is willing to offer, you may be unable to port ‘Top up’. Borrowing may only be obtained through your current lender.
• If your lender agrees to raise your borrowing, the additional borrowing must be obtained through a different mortgage arrangement. This will very certainly entail you paying another arrangement fee, and the interest rate will almost certainly be greater than for the loan you’re migrating.

When is it possible to change mortgage lenders? To avoid paying your lender’s standard variable rate (SVR), switch mortgage providers – or even simply mortgage offers – as soon as your current offer expires. This is likely to be two or five (or, in some circumstances, ten) years after it began.

Know your current situation =>Compare=>Start the switch =>The documents =>House valuation =>The legal bit =>Mortgage protection =>Direct debit =>Done

If you are experiencing trouble making your mortgage payments, even if you are not in arrears but are in pre-arrears, you should call your lender’s Arrears Support Unit right once. Delaying and allowing mortgage arrears to accumulate will exacerbate the situation. Your lender is not interested in repossessing your home. They want you to keep paying your bills; repossession is the final resort.

You will stop making mortgage payments the day contracts are exchanged. Those payments will now be the obligation of the buyer – the new owner – and you will no longer be in debt on that property.

If you desire to give your property, you can do so via a Voluntary Deed of Transfer. You will need to consult with a property ownership change solicitor. The individual acquiring the property will also require legal counsel.

Yes, that is entirely conceivable. If you are going through a divorce or separation and have a mortgage, this information will help you understand your choices for shifting the mortgage to one individual. If both parties mentioned on the joint mortgage agree, a joint mortgage can be switched to one name.

A Voluntary Deed of Transfer can be used to transfer property ownership to a family member. Many families contemplate this option, but there are several factors to consider before signing on the dotted line.

The legal steps required in the transfer of title typically take four to six weeks to complete.