Swapping mortgages

Hi.  I'm in the midst of changing my two investment mortgages from one bank to the other.  I have been tracking the old morgages and intend to track the new ones as well.  When I go to close the old mortgages I am asked:

"Before you can close this account you'll need to transfer the $***** you owe from another account. Select the account that you want to transfer the balance from below."

The new mortgages have already been set up so I don't think I can use them?  Is there a work around to closing my old mortgages? I don't really want to start over......

Martin (Australia)

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  • Instead of putting the debt as the starting balance for the new mortgages, just put $0 and then do a transfer from the new to the old mortgage accounts. 
    Alternatively, don't close the old mortgage accounts, simply change their names. Changing banks won't change your debt, it will only change the account name as far as YNAB is concerned. Well, for me it wouldn't even change the account name in YNAB as I named it with the name of the street the house sits on :)

    Simply put: why do you need to change account in YNAB when you change bank? It doesn't auto-import especially since you are in Australia. 

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  • Great idea!  Thanks for that.  BTW we can now do auto-import in Australia as well!

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