Buying out ex-partner - refinancing? (for 2% cashback purposes)

housey6FB

New Member
Messages
2
Hi,

I recently had to buy my ex-partner out of the property we jointly owned. The mortgage on the property at the time was about €250k.

We had invested in the property after purchase, and as such when we agreed details on settlement it meant that I needed to drawdown a mortgage of approximately €300k in order to buy the ex-partner out of the property. This resulted in the original mortgage closing (with both parties named), and the opening of a new mortgage (with one party named), both mortgages being with the same bank.

The bank deemed that this was a refinancing and as such I was not entitled to 2% cashback on the new mortgage in my own name.

Does anyone have any experience of this and is this a fair stance for the bank to take? Given that the mortgage is for a greater amount it seems unfair to me.
Would appreciate any views.

Thanks.
 

Brendan Burgess

Founder
Messages
38,710
Which bank?

What do the terms and conditions say?

Definitely worth a complaint to the Ombudsman

If you can do so, switch to another lender.

Brendan
 

housey6FB

New Member
Messages
2
Thanks Brendan.

Terms aren't clear on cases like mine, just that it is available to FTBs/Movers/Switchers, but not to BTLs/negative equity/equity release.

I am looking to switch now yes.
 
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