Key Post Success! Ulster allowed me to keep tracker when taking my ex off the mortgage

S

slimkev

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I have moved these posts from another thread and merged them with posts from a different thread, which explains the disjointed nature of the posts - Brendan

Hi, Just reading through this as it affects me now. I'm with UB and I have a tracker with my wife. We're separating and I may be buying the house. There is only about 60k left on the mortgage and our savings will cover it.
then I'll need a 50% mortgage of about 150k.
I would rather keep the 60k tracker and get a mortgage of 90k though and not use our savings to pay off the tracker.

I've read alot about people getting to do this. All I really want is her name off the mortgage, but are the banks obliged to do this or can the force me to pay off the mortgage and then take out a new one?

Is it down to the bank and do they decide person by person and based on your history with the bank? It doesn't seem to be a rule that everyone is affected by in the same way.

SlimK.
 
It appears that you currently have a joint mortgage on the property and intend paying this off fully. Then presenting a case to the Bank for a new mortgage of 150K.

The Banks are not obliged to take her name off the mortgage unless that is specifically part of the separation agreement (AFAIK). This is your first port of call.

From your own perspective I would advise a 2 tier approach. First would be to get the mortgage transferred to your own name. Assuming that your repayment position is good and with 60K savings the Bank may be satisfied to do this voluntarily. If not then you may need to look at the issue of the separation agreement. If they agree then you may be in a position to retain portion of the 60K savings in return for taking over the full mortgage and therefore new mortgage requirement could be reduced.
 
44brendan said:
The scenario as presented by you is totally different from position faced by OP on this issue. It appears that you currently have a joint mortgage on the property and intend paying this off fully. Then presenting a case to the Bank for a new mortgage of 150K.
The Banks are not obliged to take her name off the mortgage unless that is specifically part of the separation agreement (AFAIK). This is your first port of call. From your own perspective I would advise a 2 tier approach. First would be to get the mortgage transferred to your own name. Assuming that your repayment position is good and with 60K savings the Bank may be satisfied to do this voluntarily. If not then you may need to look at the issue of the separation agreement. If they agree then you may be in a position to retain portion of the 60K savings in return for taking over the full mortgage and therefore new mortgage requirement could be reduced.
Click to expand...

This makes sense.
Ideally, rather than paying off the mortgage and taking out a new one for 150 I would like to keep the tracker, put it in my name, then she can take the savings and some other savings we have (joint) and then I may only need a mortgage of 70k or so. That would be much better to have half my payments on tracker and just 70k or so on variable. I'll talk to the bank about it. Thanks for replying.
SlimK.
 
I just kept asking and eventually I got to keep the tracker.

Slim.
 
Slimkev

That is great and surprising news.

Can you tell us a bit more about it as it may be of use to others in a similar position.

Brendan
 
Doesn't take that long once you have a contact. I plan on getting an answer in the next couple of weeks - if they give one that is!

wbbs said:
In reality, it's done all the time when one party to a mortgage dies.
Click to expand...
I guess in these circumstances, mortgage protection would have paid off the mortgage would it not?
 
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