thirdparty
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Is it possible for one signature on a tracker mortgage to retain the tracker mortgage alone with their lender post divorce? The lady in question, let's call her Rosy, has the mortgage around 13 years but she has been paying it entirely on her own for about 11 years despite her ex-husband-to-be, let's call him Jim, only moving out around four years ago. Rosy believes she can prove this fact to a judge or her lender with bank statements etc where necessary. For the moment the divorce has not been put to Jim as Rosy is seeking legal advice etc first. A solicitor she met with recently, who admitted they would need to check all of this out, said that there may only be two options to get her ex's name off the house:
1. Jim either waives his right to the house accepting that if there was ever a problem with payment the bank may come looking for money from him
2. If Jim refuses to sign away his rights to the house, taking out a loan to make an offer of 10k, half the equity of the house, may lead to him signing the waiver, but he would also have to accept the bank would come looking for money from him if there were ever a problem with payment
The solicitor went on to say that there have been cases where the banks refuse to take one person off a tracker because if there is a problem paying the mortgage having the option to chase two people for money is better than one.
We estimate the difference in tracker versus a non-tracker mortgage to be between €500 and €700 extra a month.
Jim raised concerns at some point in the past that he wants to know the house will be left to his child that lives in the house. We had heard this could be put on paper but that it could cause problems, god forbid, if the child grew up and ended up on drugs or an alcoholic etc.
Please advise.
1. Jim either waives his right to the house accepting that if there was ever a problem with payment the bank may come looking for money from him
2. If Jim refuses to sign away his rights to the house, taking out a loan to make an offer of 10k, half the equity of the house, may lead to him signing the waiver, but he would also have to accept the bank would come looking for money from him if there were ever a problem with payment
The solicitor went on to say that there have been cases where the banks refuse to take one person off a tracker because if there is a problem paying the mortgage having the option to chase two people for money is better than one.
We estimate the difference in tracker versus a non-tracker mortgage to be between €500 and €700 extra a month.
Jim raised concerns at some point in the past that he wants to know the house will be left to his child that lives in the house. We had heard this could be put on paper but that it could cause problems, god forbid, if the child grew up and ended up on drugs or an alcoholic etc.
Please advise.