But earlier @Brendan Burgess said...
So, if the separation agreement/judicial separation is irrelevant to the lender and the loan contract between them and the joint borrowers, how does all of the above work?
How do I get my ex off the mortgage?
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nonamegame
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Thats what I thought. Only repeating what I heard tbh
Brendan Burgess
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Hi Clubman
A&B jointly own a house.
A& B have a mortgage with bank.
They are jointly and severally liable to the bank for the mortgage.
They can agree whatever they want with each other, but that does not affect their joint and several liability to the bank.
So B signs over the house to A. (Not sure if that is fully registered or just a binding agreement.)
A agrees with B that she will make the repayments in full.
If A does not make the repayments, then the bank will come after both A&B.
Brendan
A&B jointly own a house.
A& B have a mortgage with bank.
They are jointly and severally liable to the bank for the mortgage.
They can agree whatever they want with each other, but that does not affect their joint and several liability to the bank.
So B signs over the house to A. (Not sure if that is fully registered or just a binding agreement.)
A agrees with B that she will make the repayments in full.
If A does not make the repayments, then the bank will come after both A&B.
Brendan
Thanks. So any indemnification in relation to loans etc. is solely between them and nothing at all to do with any lender who could still pursue both for any joint loans should the need arise?
nonamegame
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Yes thats it. The house folio is in my name. But UB can pursue either of us if they had to.
Is the above info correct?
As you say, if UB told you this it is weird.
Here is UB's webpage of rates but I can't see the rates they have quoted you:
Mortgage Rates | Fixed, Variable, Buy-To-Let | Ulster Bank
Ulster Bank Ireland DAC is no longer accepting any new application requests from personal customers. There are some exceptions to this for existing customers, visit our website for further information.
nonamegame
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I will phone them again today and see what the reply is about the fixing of rates, against yesterdays rates quoted - I presume I need 2 signatures on all docs if I was to do this...Is the above info correct?
As you say, if UB told you this it is weird.
Here is UB's webpage of rates but I can't see the rates they have quoted you:
Mortgage Rates | Fixed, Variable, Buy-To-Let | Ulster Bank
Ulster Bank Ireland DAC is no longer accepting any new application requests from personal customers. There are some exceptions to this for existing customers, visit our website for further information.www.ulsterbank.ie
NoRegretsCoyote
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Any fixing letter I've got from my lender has insisted on signature of me and wife for validity.
However you could try signing on your own and see what happens.....
Id be very surprised if they accept one signature. You would really need both parties to sign. Its such a frustrating situation (i know very well). Really look at taking over the mortgage in your own name, starting with current lender (not sure if another lender can/would) look at loan approval being honest. Before paying lump sum or anything get clarity on where you need to be at. If any other loans etc, that may impact ability to repay.
Brendan Burgess
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Many people would be tempted to put his signature on it as it has no implications for him.
It is not like taking out a loan and forging a signature.
Brendan
nonamegame
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no issue with permission etc?
Brendan Burgess
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nonamegame
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I rang mortgage operations again now:
Basing value on house at 300K, LTV after paying off 70K would be 80%
I could avail of the 90% LTV
2yr fixed 2.40%
4 yr fixed 2.55%
4 yr green 2.45% BER >B2
5 yr 2.55%
Opting for 2yr fixed, would bring my payments from 1495pm to 1152pm or I could reduce the term
Brendan Burgess
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It is not worth giving up a tracker to get a 2 year fixed.
The minimum period you should fix for is 5 years.
Pay a bit more off the mortgage and get down below 80% LTV.
Brendan
The minimum period you should fix for is 5 years.
Pay a bit more off the mortgage and get down below 80% LTV.
Brendan
nonamegame
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80,000 would bring it to 80%LTV ( based on a guess of 300k house value - could be higher )
I would be putting more +equity into the house.
Although my solicitor has assured me that the house is as good as mine, the agreement reflects your points above and he has signed away any claim to the house etc, its still a worry. But if I wait, the rates will be gone up more by the time I end up with a mortgage in my own name with AIB etc
Silversurfer
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Yes and if you were to get an additional €14,000 income from the ‘rent a room’. It might help too.
nonamegame
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Yes, looking into it or the ARP Payment Scheme
That's only worth €4,800 p.a. and is really towards the additional household costs arising from hosting refugees. Not really comparable to the rent a room scheme in my view.
nonamegame
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I think it has increased to 800 pm / 9,600 PA ClubMan
Ah, you're correct.
Accommodation Recognition Payment for hosting refugees from Ukraine
The Accommodation Recognition Payment is a monthly payment for people providing accommodation to people fleeing the conflict in Ukraine.