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house swap with mortgages

hi,

does anyone know how you go about doing a house swap with mortgages? there are loads of websites that say that it canand does work and sites that you can join to match you to someone etc.

i have alredy got someone that wants my house and i want his, but neither of us can get a new mortgage so this option seems best.
due to spilling coffee :coffee: on my keyboard it works when it wants to :rotfl:

member 1254 sealed pot 4

Comments

  • GMS
    GMS Posts: 5,388 Forumite
    Part of the Furniture 1,000 Posts Combo Breaker
    If you cant get a new mortgage then you are unlikely to be able to port your current to another property.

    A mortgage would need to be redeemed upon sale or transfer of property in order for the new charge to be put on.

    A lender may agree to port the mortgage to a new property but this would need to meet current criteria.

    Why do you think you would not get a mortgage?
    I am a Mortgage Adviser
    You should note that this site doesn't check my status as a mortgage adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.
  • Conrad
    Conrad Posts: 33,137 Forumite
    10,000 Posts Combo Breaker
    Amy - new house always means new underwriting by law. If you cannot get a mortgage then no lender will lend so you ncannot buy bthe house and there is no way around this. Imagine if you later got into arrears and were at a repossesion hearing in court, this is what your lawyer would argue had you been allowed to house swap > "the lender did not check your status or ability to pay because you did some house swap thing, so they took a chance on you so must now accept that was thier decision, thier choice, and the fact you are now in arrears was always going to be a possibilioty so mlud I argue the lender is not entitled to repossess'. Furthermore, the Government regulator would possibly fine the lender and discipline lender staff for such irresponsible behaviour.

    You cannot live in a culture where you on the one hand want and easy no question mortgage but in the next you want to sue for misselling - you cannot have cake and eat it.
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