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.
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.