Can you move house but not pay off your mortgage?

whitesatin

We hope to sell/move in the next few months. We won't require a mortgage but still owe around £9,000 on our existing one.

My question is, do I have to pay off this mortgage for the deeds to be released, or can I just carry on paying the small required amount till it is paid off and (maybe) not have to pay the £500 early redemption charge?

I need to buy a car outright as we have been leasing from my husband's company. We get the opportunity to buy, it will probably be around £10,000 and this may be a cheaper way to finance it.

I am quite prepared for this to be deemed a daft idea!

rsykes2000

If you are selling and won't be a homeowner, then the bank won't have anything to secure the secured home loan (mortgage) against, so no, you'll have to pay it off when you sell.

Conrad

This^^ ^^ ^^:D

whitesatin

Conrad wrote: »

This^^ ^^ ^^:D

Sorry, but I don't understand you.

WTTM

whitesatin wrote: »

Sorry, but I don't understand you.

Pretty daft but he means same as post above his - must be trying to increase post count as he is short elsewhere.

As for your original question - can't believe you were serious.


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