I want her name off the mortgage but bank says I will lose my tracker

K

Kevin Masden

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Hi guys, maybe the wrong forum but I need help.

I'm meeting the bank today and it looks like I will lose my tracker, the house was in mine and my ex name and I took the house over 2 years ago but I need to take her name off. The only solution the bank said is to apply for a new mortgage and lose the tracker. Is this right? Sorry I just couldn't figure out how to post a new forum.

Kevin
 
The bank are chancing their arm. Under no circumstances should you agree. Seems your best chance is to try and get your ex to sign an agreement to not have any interest in the house until you are in a position to have her name removed.
 
im trying to buy an investment property but I can't due to the fact that her name is on the property....any other ideas??
 
Not really. Firstly you will need the full co-operation of your ex in order to have her name removed from the property. Secondly the bank are entitled to re-price the facility on the basis of any changes to the loan counterparties. Realistically the only other option open to you is a signed legal agreement from your ex which will state her agreement to be removed from ownership rights to the property on the basis that you pay down the mortgage. I don't understand why you are restricted from buying another property due to her name being on the mortgage unless you intend using the original property as additional security for the new property!!
 
Check out the Key Post on the topic

Will the bank allow me to get his name off the mortgage?

You should give more details about the amounts involved.

The more important thing for you is to make sure that she does not have a legal claim on the property. You say "I took over the house over 2 years ago". I am not sure you did if her name is still on the property and the mortgage.

But it sounds like a very good reason not to bother with an investment property.

Brendan
 
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We get on well but only recently she said "it's still my house" so it's always on my mind that she could turn around and want to sell it. She claims she is still liable for the debt so I can't access another mortgage. I can't understand it either

I was just wondering if there is an easy way around removing a name and keeping the tracker

Thanks
Kevin
 
Kevin Masden said:
We get on well but only recently she said "it's still my house" so it's always on my mind that she could turn around and want to sell it.
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Kevin

You need to sort this out as a priority. She is quite right - it is still her house.

If you have funds, you may be able to use them to get her name off the title deeds which would be a much better investment for you.

Brendan
 
I presume she walked out and left him with all the payments.
Whats not clear is if they were married or not.
If married, then she will have a bigger slice of the cake to get so icing it up with an investment property is not the club I would select just now.
 
Yes we were married but are separated and stated in the separation that any future property or inheritance etc is your own so my investment would be my own.
I like the sound of taking her name off the title deeds and have inquired about this but it is not water tight.

I have funds and have considered paying 50k off my mortgage bringing it down to 100k and having it in my own name on 3.7% variable

Again any suggestions please feel free to comment

Thanks
 
Can't imagine she would agree to taking her name off deeds and stay on mortgage, all the disadvantages of debt and none of the advantages of ownership.

Taking out a new mortgage to get her name off is unfortunately the only solution the bank is offering you, it is not actually the only solution, they are quite able to just remove a name from a mortgage but just don't want to in this case.
 
I owe 150k on a tracker with 24 years left with Ulster bank. It's in both our names but I gave my ex 25k to leave me take over the house and this was done through our solicitors.
I just want it in my name so I can relax knowing its my house.

I have savings of over 50k but as I said I am willing to pay off 50k if needs be
 
Kevin Masden said:
We get on well but only recently she said "it's still my house" so it's always on my mind that she could turn around and want to sell it.
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That's enough for me. Forget about your tracker, you need to get her name off the deeds and mortgage. Forthwith. If you don't do this you'll be back on here in ten years remarried and with her going after her share because she will fight for it if she needs money etc.

Clean breaks are best on any case.
 
Hi Kevin

What is your income?
What is the value of the house?

If you meet the income requirements to service a mortgage on your own, Ulster Bank will probably allow you to take her name off the mortgage. If you don't, they won't.

You don't need to give up your tracker, if your solicitors have done a legally binding contract.

You need to keep pursuing Ulster Bank on this. They have refused you once, but apply again. And keep applying.

Don't buy an investment property until you have this sorted out. At the end of the day, it's likely that UB will do a deal with you - they might want you to pay the €50k off the mortgage which would leave you with a tracker of €100k.

Brendan
 
Are you getting a mortgage for the investment property through UB?

If so I would use that as leverage to again request them to remove her name from the existing mortgage. I am assuming that income wise you are ok for the mortgage on your own with them and it's just that they want you to set up a new mortgage rather than alter the existing one because they can do it, the computer system will allow just take off one name, it's done all the time where one party dies.

They just don't want to do it in this case because not doing it gets rid of a tracker for them.
 
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im on 40k per year and the house is worth 260k and I owe 150k on the mortgage .

I'll defo go back to them on Monday and see what they say again. I'll mention the new mortgage and see what they come up with on that.

Thanks again for all the help and I'll keep ye posted next week. Here's hoping
 
Make sure you ask do you actually qualify for the 'new mortgage', on 40k and using stress tested repayments as they will for either scenario in changing it to your own name it might be tight. If you don't qualify then they won't take her off one way or the other.
 
Kevin Masden said:
im trying to buy an investment property
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Kevin Masden said:
I have funds and have considered paying 50k off my mortgage
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Kevin Masden said:
im on 40k per year and the house is worth 260k and I owe 150k on the mortgage .
Click to expand...

You say you are considering paying €50k off your mortgage. How much funds do you have in total?

On a salary of €40k, they will not give you a mortgage of €150k, but they probably would give you a mortgage of €120k - i.e. 3 times your salary. It might actually be less.

You should ask them how much a mortgage would they give you in your own name. Then bring the mortgage down to that with your cash.

On a salary of €40k, you should not be borrowing to buy an investment property. It's way too risky.
 
Totally agree with the investment property last line of Brendan's post, unless there is something else income wise you have not mentioned.
 
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