HOUSE SWAPPING INSTEAD OF BUYING??

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  • July 31, 2011 at 8:10 pm #12605
    Babs
    Member

    Just wondering does anyone know of anybody who has done this?? Nowadays its so difficult to get a mortgage or indeed sell your house, that more and more people are actually going down the road of "swapping" their privately owned houses?? So if you wish to move to a particular area of the country, you just look for someone who is looking to move to your area from that area…and SWAP!! The only costs would be stamp duty on any difference in the value of the houses (and I am sure legal fees) and you both keep your existing mortgages….but it seems all to simple to be true!!!

    July 31, 2011 at 8:36 pm #115375
    Taylor5
    Member

    Sounds good, but what do the banks think about it? You take your loan out on a property and different areas have different risks…. is it too good to be true? But sometimes the simple ideas are the best

    July 31, 2011 at 9:17 pm #115376
    scole1
    Member

    mmm interesting thought really, but i wonder too with bank charges etc, we have a tracker mortage and i’m sure no doubt we’d loose that…but defo a thought….

    so what happens do you actually own the house then ie, take over the deeds and visa versa what if the person wants to swap back….

    July 31, 2011 at 9:38 pm #115377
    Taylor5
    Member

    I wouldnt imagine you could swap back, it would be a legal contract, just no cash changing hands….
    I think its a good idea, some amazing value out there at the moment

    July 31, 2011 at 10:27 pm #115379
    Babs
    Member

    There was an article a few weeks ago in one of the Sunday papers….its all above board, legal and already happening!!! You basically swap houses, deeds etc….your mortgage repayments stay the same as you don’t actually change the mortgage at all…I presume the banks have to agree that the house you are swapping with is of same value as obviously they are taking the risk that if you default they have to sell it etc…I am going to ask our bank would they allow it and ask an estate agent have they ever done it….will put a post up about what I find out!

    August 1, 2011 at 4:58 pm #115388
    viv
    Member

    try gumtree .ie under home swap

    August 1, 2011 at 9:48 pm #115417
    Taylor5
    Member

    I was talking to a bank manager today, he was saying that you would still have to pay bank charges, they average about 4k. He said its just legal work and paper work, so bank and legal fees.
    Its a legit sale but no cash changes hands, some banks might kick up if the risk on the new house were higher then the one your swapping.

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