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Old 16.10.2012, 13:22
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Re: Mortgage loan for house

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Thanks for the info -

but I have read elsewhere suggestions that you can have the buyer take over
the mortgage. Now with the kinds of numbers you're quoting, that would be
nigh on essential. Indeed one could pay the buyer a premium to take over
your mortgage. Has anyone actually read their paperwork to clarify their own
particular deal?

Under these circumstances I'd feel that a Libor mortgage might offer more flexibility.
Yes. You can ask the buyer to take over your loan. If you have a low interest rate then it's easy. But if your interest rate is higher, or much higher than the one being offered by the banks, it's going to be a tough sell to get a buyer to take over yours. Plus some buyers may actually have their own mortgage from their old property that they are bringing with them.

Of course, it very much depends. If your house is one people are fighting for then you might get one of the potential buyers to accept the higher interest mortgage to be the one that gets the house.

Mere mortals like me with normal houses probably won't have that kind luck.

I was going to suggest going with a libor mortgage until you see that rates are really going up. I think the libor can be renegotiated every 6 months, no?
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Old 16.10.2012, 13:24
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Re: Mortgage loan for house

When we moved from one house to another we took our mortgage with us...
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