You can port your mortgage to a new house which is a pretty easy step if you don`t require your mortgage to be higher then its is now. If your mortgage stays the same it as easy as filling out a few forms in the bank and sign them. The bank will request information on the new purchase total price and what is the downpayment you gave.

Yes you can, when transferring your mortgage to another property its called mortgage porting and is a well known process with the lenders.

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I need to move in about 6 months, but my current mortgage has a nice 5.1% rate. if i sell my current house and buy a new house, i'd be in the 7% range, which means i have to get a smaller house. is there any options for me to keep this rate somehow? i know there are portable mortgages out there (etrade has one) that let you transfer your mortgage to another house, but i don't have this kind of mortgage. should i maybe keep this house and rent it out and just rent a place? any other suggestions?

Dear Navid: No. Your loan is secured by a mortgage on a particular piece of property. If it is assumable, it means that the person purchasing your home from you may be able to assume the balance of the mortgage, and continue paying the loan. You, as the seller, are no longer responsible for the mortgage payment. Not many lenders do this any more. Most assumable loans are FHA/VA. If you don't need to sell the house for a downpayment, you may want to consider renting it out. However, you'll now be responsible for 2 mortgage payments. Please note that most underwriting guidelines count only 75% of your rental income. I tried to look up a portable loan on E-trade. The information is 3 years old. I'm not sure if they still offer this program. When they offered it, there were some criteria that needed to be followed: 1. You need to have 20% down. 2. The loan was adjustable. 3. You hade to have a certain credit score. 4. The home had to be owner occupied. 5. You could only transfer the loan once. In addition, they noted that it did not have the lowest rate and was more of a loan offered to "provide peace of mind" I am sorry to say that I could not find more updated information on E-trades website and was on hold for over 5 minutes trying to get an answer. I hope this helps you. Please contact me at amkornele@yahoo.com. Best of Luck!! Anne

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I currently have a 100% mortgage on a house worth £184k. could i transfer the mortgage to a new house of a similar value and then sell the existing house to my brother for £10?

Haha, nice try, but No! You must refinance on the next house. Mortgages don't "transfer."

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you don't need the trust for the MI tax deduction, but a quit claim deed will do.

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How can my partner transfer his house into my name solely when the property has a mortgage in both our names? our current mortgage is with halifax and we have a relitively small amount left to pay. also will i have to show income? uk answers only please!!! thank you

You will have to go to a lawyer and have documents signed by both parties for this to take place. End of. Good Luck

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Hi What typically happens is whe you sell the property you are in now the current mortgage account is cleared. A new one is then started against the new property. The size of the property is irrelevant, it is the amount of equity you will have in the new property that is important to the building society/bank. For example, if your current house is worth £150,000 and your mortgage is £70,000 then you will have £80,000 as a downpayment on the new property. If that is worth £120,000 then you will only need a £40,000 mortgage. A tip though.....The new mortgage should be taken out over fewer years than the first one because it will mean your mortgage will be paid off at the same time as the original one was. You will be able to achieve this as the second mortgage is less than the first, enabling you to pay it off quicker if you apy the same monthly figure as on the first mortgage. Hope this helps Happy Hunting Dean

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My partner would like to transfer his house into my name. however, there is a mortgage on the property in his name. i will not be working for the next year or so as i am about to have twins. i have never had a mortgage in my name. please only replies from the uk. thanks!

do you mean transfer as a whole or ADD your name. to add your name it must be done so that you are added to the mortgage and the titles deeds - relatively easy. to trnasfer to your name alone . you basically have to buy the house off him and reapay the exisitng mortgage and take out a new one in your name which will NOT happen as you have no income at the minute.

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If i change my mortgage and take out a fixed deal for say 5 years, can i move house within that 5 year period, transfer the mortgage to the new property and not incurr any charges?

Wow. That's a lot of NOs! And, unsurprisingly, the only ones who have a location in their profile are from the USA. The correct answer is that, of course, it depends on your mortgage conditions. And seeing as I was getting a fixed mortgage a couple of months ago, I found out that the vast majority of mortgages in the UK these days are transferable (i.e. can be moved from house to house). As long as the house you are buying is worth at least as much as the mortgage , then I can't see why they'd complain anyway. One firm who I can confirm have all their mortgages as transferable is Nationwide. They have very good rates too.

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My father-in-law passed away recently and he owed as much or more than the value of the house on a home equity loan. can we let the loan default and let the house foreclose? or will the home equity loan automatically transfer to the heirs and affect their credit? this home is in texas.

The house should go into probate, with the rest of the debts. It should not negatively effect the heirs credit.

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The mortgage is currently in my name, i want to include my husband to enable us to borrow more.

Yes absolutely it is possible (assuming the property is in England or Wales). However, it sounds like you're planning to remortgage and you'd need a conveyancer for that. It's an unusual lender that'll allow you to do your own legal work on a mortgage . It'd be pretty simple to arrange a transfer of a share at the same time as a remortgage. Before you do so, consider what share you wish your husband to have and how the property is to be dealt with if one of you dies. It would normally be possible for your husband to join in as a borrower even if he didn't have ownership of the house, so you may wish to consider that option too. Legal advice may not cost as much as you think.

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I want to transfer the homes to my daughter's name and i will still be making the mortgage payments on it.

While you can deed the property over to anyone that you like it doesn't relieve you of the financial obligation for the debt. Also, more than likely in would cause your lender to call in the loan and foreclose on the property. This is a very poor idea for many reasons. Before you do such a thing talk to a CPA or an estate attorney. To transfer the property all you have to do is fill out either a "quit claim" or "Grant" deed naming your daughter as the recipient and then record it, however your actions would have many negative financial and tax consequences.