Divorced - Can I take his name off mortgage?

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dubinamerica

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Hi i have just recently been divorced and as part of agreement have bought my ex out of family home. Deeds will be changed to my name only and i want to sort mortgage into only my name so i can have better options regarding rates, loan term.

At present there's 109k on loan. House valued at 175k now was much higher few yrs back. 18 years remaining and 4.5% rate

My salary is 33k and i have some small loans which i will pay off but will still have car loan of approx 4k.

Have two children and have never missed mortgage payment. Mortgage currently with KBC

Is there a possibility that i could switch this from both names to just mine?

Any help really really appreciated.
 
The only way to find out is to ask KBC. I think it's unlikely that they would allow him take his name off the mortgage.

You don't need to get his name off the mortgage to get better rates. The only way to get better rates is to switch to a different lender. If, say, ptsb were happy to give you a mortgage at 3.8%, then when you switch to them, his name would automatically come off the mortgage.

If he is happy enough to leave his name on the mortgage, then maybe you should apply to another lender as joint borrowers.

Brendan
 
Hi Brendan, thank you for the reply. My ex would not be willing to put in new mortgage application and his name will stay on this mortgage until i get a new one in just by name. Do you think permanent tsb or others may be willing to lend to me? I have not missed a payment so nothing negative on credit record regards mortgage snd I've been paying it anyhow from salary last few years. Any help or info appreciated. Thanks
 
Have you already asked KBC to remove his name? If they won't and the reason is because you don't meet the criteria for borrowing that amount on your own income then you are likely to run into the same problem with other banks.

Unfortunately your good record and positive equity will stand for nothing if you simply don't meet any bank's income criteria. On a very simple calculation you are almost at the 3.5 times income and that's without including existing loan or taking dependants into account.
 
No i wanted to let everything get sorted with the deeds first as that is the main priority.
Are the rules slightly different when switching a mortgage vs getting a brand new one?
Is anyone familiar with current criteria for assessing eligibility? Few years back lenders would stress test by checking increase of 2% and the mortgage could only be up to certain percentage of net income.
Is anyone familiar with current rules and i can run some figures. Thanks
 
Switching is in general the same as a brand new mortgage.

If you try some of the banks online calculators you can run the figures there, AIB have a mortgage calculator on their site.

It used to be based on net income and that still has a bearing but there is also the upper multiple of salary. What will catch you is the amount you need after paying all loan payments, there is a set amount per adult and per dependent, this probably varies slightly between banks but not by much. There must be at least a surplus of that set amount after all monthly loan repayments are taken into account which will include the proposed mortgage at stress tested rates.
 
I've just been speaking to a rep in the KBC and explained that I've just been divorced and he said he will send me on a transfer of equity form to complete and they will assess that to see if I can take over the payments. I'm already paying the mortgage payments anyway and have not missed one so hopefully that will be taken into account. I've found a link to this form below

[broken link removed]

I'm going to open up a separate thread on this specifically relating to thsi form to see if anyone has experience of this and what's involved in the process.
 
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