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Transfer a mortgage to somebody else?
FMLuder
Posts: 1 Newbie
Hello, Was thinking about things this morning when a thought came into my head.
Can a mortgage be signed over to someone else, then they would pay the mortgage?
How would we actually go about doing that if it is possible?
Quick backstory:
Lived in our house for 8 years, want to move 250 miles away from where we are now, the house is up for sale, but we have been looking on gumtree over the last few days and see a couple of people are looking for an exchange or house swap type thing. The thing is, we still owe on our mortgage, so its not like we could swap outright.
Is this even possible?
Thank you very much for any information.
Can a mortgage be signed over to someone else, then they would pay the mortgage?
How would we actually go about doing that if it is possible?
Quick backstory:
Lived in our house for 8 years, want to move 250 miles away from where we are now, the house is up for sale, but we have been looking on gumtree over the last few days and see a couple of people are looking for an exchange or house swap type thing. The thing is, we still owe on our mortgage, so its not like we could swap outright.
Is this even possible?
Thank you very much for any information.
0
Comments
-
No.
They would have to buy yours, you buys theirs...if a mortgage was needed to bridge the difference, it would not be "transferred", it would have to be a fresh application, credit check etc.
The odds of finding an exact match of properties priced the same for an exact swap are virtually nil. They must have a plan to bridge the gap. Perhaps they have cash...Act in haste, repent at leisure.
dunstonh wrote:Its a serious financial transaction and one of the biggest things you will ever buy. So, stop treating it like buying an ipod.0
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