Selling a house but keeping the mortgage?

debhewi

I was interested in finding out if it is at all possible to sell a property but still keep the mortgage going?

If so, i would love to know more about how to go about it

Cheers all. x

Fire_Fox

Have you spoken to your lender?

donnaessex

I doubt it - the lender wouldnt have anything to repossess if it all went wrong would they?

bryanb

How could the mortgage be secured?

Mini_Bear

Abbey/Santander will let us do this for 3 months max between selling our house and buying the new one. after that time the mortgage is recalled in full!!
like others have said the bank need an asset to secure the loan on.

donnaessex

Mini_Bear wrote: »

Abbey/Santander will let us do this for 3 months max between selling our house and buying the new one. after that time the mortgage is recalled in full!!
like others have said the bank need an asset to secure the loan on.

Really? They wouldnt let us? :huh:

blushingbride_3

this is something i am interested in. might have to ask woolwhich

Bermuda_John

when you say sell it ....... you mean bank the cash or do you mena transfer control or ownership?

and why would you want to sell something and keep paying for a mortgage?

also would you lend thousnads of pounds and secure it on nothing ...... how would you reclaim the cash in the event of a default???

there are ways to "sell" a house and keep paying a mortgage i say "sell" as you dont get the cash straightaway

some sort of craze amongst the get rich quick property pepole

getmore4less

NO.(Shortfalls on sale will be converted to unsecured lending)

What some lenders will do is allow you to take out a new mortgage on another house on the same terms as the old one.

How long they will allow the break to be will depend on the lender, longest I have seen reported is 6 months

G_M

Sooooo.... you want to sell the house, put the cash in your bank, spend it on, what? holidays? new car? Default of the mortgage, and leave the lender with nothing?

Yup! No problem!

Come on! Only way to sell the house and keep the mortgage is to transfer the mortgage onto another house, providing ongoing security to the lender.

jill2002

Mini_Bear wrote: »

Abbey/Santander will let us do this for 3 months max between selling our house and buying the new one. after that time the mortgage is recalled in full!!
like others have said the bank need an asset to secure the loan on.

No. Sorry it doesn't work like that. Abbey/Santander will ask you to repay the whole mortgage including the early repayment charge when the house is sold. Then, they will give you the Early repayment charge back if you complete on your purchase of a new property within 3 months (to the date) as long as you 'port' the original mortgage product that the early repayment charge was on.