Selling a House With a Mortgage –  How Does It Work?

If you own a house in Ireland, you might be wondering how to sell it. When selling your house, the first thing you need to do is determine if you have a mortgage on it. If you do, then there are different ways that you can go about selling a house with a mortgage depending on which one works best for you and what type of situation you find yourself in.

Can I Sell My House in Ireland if I Have a Mortgage?

If you have a mortgage on your house in Ireland, then yes you can sell it. However, before the sale goes through, you will need to pay off the mortgage so that there are no outstanding debts when it changes hands. 

This can be done in one of two ways: by selling your house for more than enough to pay off the lender, or by taking out a bridge loan or bridging loan to cover the difference between that amount and what is owed on your mortgage. Bridge loans are short-term loans that are typically approved quickly and can help bridge the gap in an emergency situation like selling a home.

If you have the option, though, avoid taking out a bridge loan as they tend to come with higher interest rates than other forms of financing. It can also be difficult to get approved if your credit score has taken a hit recently. If you do need to take out such an offer, consider shopping around for better terms on similar products offered by other lenders before applying for one at all.

What Happens if You Can’t Pay Off Your Mortgage When You Sell a House?

If you cannot pay off your mortgage when you sell a house, the lender has the right to recover its balance from the proceeds of sale. You will have to make arrangements with them for payment either as cash or through another loan from them. They will also charge interest on any outstanding balance remaining at settlement date and may require regular payments until it is paid in full.

Selling a House With a Mortgage in Ireland

You’re ready to sell your home. But how will you proceed? The best move you can make is to get an experienced real estate agent to help you. If you’re selling a house with a mortgage, it is important that you get an appraisal of the value of your home before putting it on the market. 

An appraisal will give an estimate of how much it will sell for and allow buyers to make informed decisions about whether or not they want to purchase your property. It also helps assure buyers that their investment is worthwhile.

Your agent can help you get this done. An experienced agent will also help you receive maximum exposure among potential buyers so the probability of being able to sell your house in the shortest time possible becomes bigger.

Selling a house with a mortgage can seem like a complicated process, but it can be done. If you would like to know more about how to sell your house with a mortgage, our experienced agents are ready to answer your queries. You may call us at 014959020 or click here to reach us.


Royalty-free image supplied from Pexels as part of the SEO service from 3R

Share on facebook
Share on twitter
Share on linkedin
Scroll to Top