Success - UB allowed me to keep cheap tracker while taking her name off the mortgage
- Thread starter kcb
- Start date
Where are you getting the money to buy out the joint owner, is the mortgage being increased? If so, then I doubt you have a hope of retaining tracker. If the mortgage is remaining exactly the same then you can ask if they would just remove the name, they still don't have to facilitate you but it is technically possible.
I am sure there is someone somewhere who had done it but not necessarily on this forum, have you put same query on some of the parenting forums maybe, separation/divorce sections, they often have similar type scenarios.
I am sure there is someone somewhere who had done it but not necessarily on this forum, have you put same query on some of the parenting forums maybe, separation/divorce sections, they often have similar type scenarios.
Have savings to buy out joint owner.
No increase in amount or any change to mortgage details other than trying to remove name!
Brendan Burgess
Founder
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- 52,169
kcb
That is really great news and could be very useful to others.
Would you mind setting out the story in a bit more detail so that others may see if it applies to them?
Value of house
Amount of mortgage
Tracker rate
Payment record?
Whom did you contact?
How did they respond?
What arguments did you use?
That is really great news and could be very useful to others.
Would you mind setting out the story in a bit more detail so that others may see if it applies to them?
Value of house
Amount of mortgage
Tracker rate
Payment record?
Whom did you contact?
How did they respond?
What arguments did you use?
This all finally went through. They called it tracker "porting".
Effectively I had to re-apply for the mortgage using my updated circumstances.
Once all their criteria was met they gave the impression that there was no real problem in doing this.
Of course, the criteria now are much more rigorous! The process went on forever and went into every little detail. Took about 4 months in total.
The only real obstacles were dealing with the bank staff and underwriters, who are very often not very helpful (in my particular branch) and have gone full circle now and make a deal about every little thing.
In fairness to UB they seem to be one of the few banks doing this. They have kept our customs because of this.
Effectively I had to re-apply for the mortgage using my updated circumstances.
Once all their criteria was met they gave the impression that there was no real problem in doing this.
Of course, the criteria now are much more rigorous! The process went on forever and went into every little detail. Took about 4 months in total.
The only real obstacles were dealing with the bank staff and underwriters, who are very often not very helpful (in my particular branch) and have gone full circle now and make a deal about every little thing.
In fairness to UB they seem to be one of the few banks doing this. They have kept our customs because of this.
Regarding Brendan's Qs above:
Value of house €145k (down from €215k)
Amount of mortgage €165k
Tracker rate ECB + 0.75%
Payment record? Good
Whom did you contact? Branch with original mortgage but this is not necessary we found out later
How did they respond? Quite well!
What arguments did you use? In the end there was need to put forward a case I believe. They said that it is just a new policy. We did have a solicitor involved which I think may have helped. I would recommend this person to anyone trying to do same (by PM).
Value of house €145k (down from €215k)
Amount of mortgage €165k
Tracker rate ECB + 0.75%
Payment record? Good
Whom did you contact? Branch with original mortgage but this is not necessary we found out later
How did they respond? Quite well!
What arguments did you use? In the end there was need to put forward a case I believe. They said that it is just a new policy. We did have a solicitor involved which I think may have helped. I would recommend this person to anyone trying to do same (by PM).
Brendan Burgess
Founder
- Messages
- 52,169
Hi kcb
That is great.
I am surprised that they allowed the name off although you are in negative equity.
In reality, if you are good for a €165k mortgage, it probably doesn't matter.
It's interesting that they are calling this "tracker porting" I would have thought that porting was from one house to another.
Well done again and thanks for the update.
That is great.
I am surprised that they allowed the name off although you are in negative equity.
In reality, if you are good for a €165k mortgage, it probably doesn't matter.
It's interesting that they are calling this "tracker porting" I would have thought that porting was from one house to another.
Well done again and thanks for the update.