Hi
I currently own two properties with my sister. One is an investment property and other our PPR. Sister in relationship and looks like she will be moving on - questions I have about how we can sort our finances are:
Mortgage no.1 (PPR)- 300k
Value: €250k
Mortgage: tracker
remaining year: 18
Mortgage no.2 - 155k
value: 120k
currently rented, registered with prtb etc, tax returns up to date
remaining years: 12
1) Mortgages are with BOI - would it be possible for a name change on mortgage no.1 i.e. replace my name with sister's partner and they(he) buys me out to compensate for buying into a tracker mortgage instead of a SVR? That way I would get a deposit to move onto a new home. Assuming the bank would give me a deposit. I am in a good job with a reputable company, salary €40k
2) would it be advisable to approach bank about a trade down mortgage, move to a cheaper property bought in both mine and sisters name, I pay the full mortgage and she moves on to a new property with her partner. He does not own any property at present, is in a good financial position with a good job.
3) if bank won't allow change of name on tracker, would it be advisable to approach the bank, switch off tracker in return for a writedown - if, say, 30% writedown the new SVR mortgage would be approx €200k, sisters partner would buy me out for difference of new mortgage (200k) and resale value of the property (250)?
Lots of things going through my head but not sure where to start.