selling house but keeping mortgage?

sparkiedave

Hi there, my house is currently up for sale, if/when it sells, I need to pay some of the money to my ex, but can I then keep the mortgage on while I look for something else?
I have to sell to pay off my ex but don't really want to step off the property ladder as I'm 46 and self employed, I would find it hard to get back on, if not impossible

mildred1978

sparkiedave wrote: »

Hi there, my house is currently up for sale, if/when it sells, I need to pay some of the money to my ex, but can I then keep the mortgage on while I look for something else?
I have to sell to pay off my ex but don't really want to step off the property ladder as I'm 46 and self employed, I would find it hard to get back on, if not impossible

Mortgage is secured on house. No house = no mortgage.

When you sell your solicitor is required to settle the mortgage with the proceeds before anyone else gets money.

So in short, no chance.

dunstonh

Can you use part of your pension as settlement? As a self employed person, one assumes you have made better than normal provision given the lower state pensions that self employed get. So, taking some of that may be easier now (although something you would have to plan for later)