house swap with mortgages

yummy-mummy-amy

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.

GMS

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?

Conrad

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.