Mortgage buy out

N

npgallag

Registered User
Messages
171
Hi guys.

lookin for bit of advise.

Me and my partner (Engaged) have broken up and I am lookin to buy her out of house.

I though I could just extend the mortgage and pay her of and keep my existing mortgage rate.

But the bank tells me i will have to get a new mortgage with today rates and pay of old mortgage and her? Is this correct? There would be a signifiant difference in the rate on our current mortgage (UB tracker) and todays rate's as below.

Current Mortgage€930.00/mtNew Mortgage€1,223.00/mtMonthly difference€293.00
 
They could if they were so inclined agree to your proposal to extend your mortgage! By one Deed, you could buy out her interest and could agree to be solely bound by the original mortgage. Bank would have to join in the Deed.
But they don't seem so inclined. So it looks as if you will have to go with their proposal. Or remortgage with someone else?

mf
 
Thanks MF1 .. so its actually the banks decision and they can do it if they want to ..which of course they wont as they are tryin to get me off the mortgage as its such a great rate....and not a legal requirment which is what the bank manager said...?
 
Hi,
As the property is registered in your joint names, your partners name will have to be removed and the property transferred in to your name only and you will have to qualify for the new mortgage in your own name. This means that you will have to reapply for a new mortgage. Are you looking for an increased mortgage to pay your partner off.

I presume you are on a tracker rate and as all the banks no longer offer them you have been offered a variable rate. Please bear in mind that the variable rate has reduced recently and hopefully the ECB will announce a further 0.50% cut this Thursday. This will reduce your repayments. Also your tax relief may reduce as mortgage wil be in your sole name.
Furthermore Ulster Bank would not have the most attractive variable rate on the market at the moment so maybe you should shop around. The best variable rate at the moment is 5%.
Hope this helps
Spin
 
Thanks for reply Spin..
Yes was lookin to increase mortgage from €190 currently to €250 and buy her out. My father would be prepared to go in with me to enable me to qualify for increase...but thought i could do this and keep existing mortgage which is a UB tracker 0.85 off the ECB...currently 4.6%.
Looked around and still cant find any thing that will match this currently on the market..?

Cheers
npgallag
 
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