changing names on mortgage

Hi All,

I'm hoping that somebody maybe able to clear up an question or two myself and my wife have been given conflicting information about. My wife bought a house a number of years back just before we meet taking out a tracker mortgage and buying the house in her own name. We have been paying the mortgage jointly for a number for years now from our joint account with both still in her name. We enquired if it was possible to change mortgage and names on the deeds of the house to both names but were told by the bank we would loose the tracker mortgage if we did. We have since been told a different story another person connected with the same bank.
Basically we have a baby on the way in the near future and I'm worried that if for some reason I became ill, lost my job or worst case and my share of the mortgage is not being paid we have no protection. I would earn a bit more than my wife and have access to overtime and bonuses with are also benifical.

Anybody any advice on how to keep the tracker mortgage while still being able to protect yourselves?

Thanks in advance

Up to the policy of the bank in question, it can be done but some banks insist on taking out a new mortgage in joint names and clearing old one in which case you would lose tracker rate.

From the point of view of what if something happened to you, you can take out life cover to clear mortgage in event of your death without being named on mortgage, you could also take out serious illness cover, income protection again if you wanted to, as far as i know only thing you could not do is mortgage repayment protection which is the one that would cover you if made redundant however this has gotten expensive, claims are difficult and depending on your employment might not be that easy got anyway.

So it is not worth losing the tracker rate if the bank insist on a remortgage, leave things as they are and just make sure you have enough life cover for the mortgage and any other cover you feel you need and can afford.

Thanks for the reply it is much appreciated. Our mortgage is with AIB if that makes any difference. I'm guessing its probably best for the 2 of us to call and see them again and have a chat. We'd like to have the payment protection jointly as well but I'm in a fairly secure job at present but you never know.

Getting some life cover looks like the best option so.