Key Post Success Partner and I separated - I kept the tracker mortgage

windy

Registered User
My partner and I are going our separate ways. The house and tracker mortgage is in joint names. As part of the agreement, my partner's name is to be removed from the Deeds and I am to take over the mortgage.

I have asked my lending bank if I could retain the existing tracker mortgage which I am currently paying and in a position to pay. The bank has refused and insist that I must apply for a new mortgage. Can the bank do this, given the fact that my name is on the mortgage, albeit a joint one?

Advice please?
 

RMCF

Frequent Poster
Plus the fact that they will love the idea of getting another person off a tracker rate.

I would say you are beat on this one. They will get you in the small print that this mortgage needs renegotiated, and hence the old one is no longer valid.
 

windy

Registered User
I have been told by the bank today that we were not First Time Buyers when we acquired the Tracker Mortgage, therefore, I have to reapply for a new mortgage. I find this very hard to believe and have decided to go to the Ombudsman with my query.

It seems to me that the banks want it all their own way no matter what.
 

windy

Registered User
The bank want me to redeem so I would have to take out a new mortgage.

However, I have been informed that if we had been first time buyers with a tracker mortgage, the bank would be able to take my partner's name off the mortgage and allow me to continue paying once the bank had established that I was in a position to do so. So why should it be different for those of us who are not first time buyers????
 

wbbs

Frequent Poster
Names can be removed from mortgages without reapplying, for example when one party to the mortgage dies. However just because the computer system allows it to be done doesnt mean the bank has to allow it in every case, it gives them the perfect opportunity to get rid of a tracker. If you are trying to change any other aspect of the loan, eg amount or term then you will have no argument but if it is just a name removal and you meet the criteria on you own then I would pursue it.
 

windy

Registered User
The only change is the name change. I have been paying the loan myself since we split up. I intend to pursue it. Tks
 

twofor1

Frequent Poster
I have asked my lending bank if I could retain the existing tracker mortgage which I am currently paying and in a position to pay. The bank has refused and insist that I must apply for a new mortgage. Can the bank do this, given the fact that my name is on the mortgage, albeit a joint one?

Advice please?
The mortgage agreement for our NIB Tracker states ‘’ The loan and interest accrued will become immediately due and payable on demand if;

We Convey,Transfere, Assign, Let or part possession with the property or part of it without prior consent in writing.

By removing one name would you not be Conveying / Transferring ownership from two persons to one person.

If your loan agreement has this clause or similar I think they would be within their rights to insist you pay the existing then take out a new mortgage, effectively loosing your tracker.

This would not stop me trying though, good luck.

I do not understand what being or not being a first time buyer has to do with it.
 

Artois

Frequent Poster
Hi Windy,
I think you can forget about keeping your tracker. In order to implement the separation agreement you will need the banks consent to remove your partner from the mortgage. Don't take it for granted that they will allow your partner off the mortgage.
 

windy

Registered User
They will consent to removing his name from the deeds, however, they will not let me retain the tracker mortgage.

There is a way around it but could cause problems in the future, i.e. I would keep paying the mortgage as is, with the deeds in joint names and requesting my partner to sign a Deed of Assignment in which my partner's name would be removed from the Deeds once the mortgage has been redeemed.

I cannot see this working for many reasons, the main one being if my partner's name remains on the Deeds I do not think my partner would be consider as a first time buyer in the event of purchasing a house at a later stage.
 

wavejumper

Frequent Poster
They will consent to removing his name from the deeds, however, they will not let me retain the tracker mortgage.

There is a way around it but could cause problems in the future, i.e. I would keep paying the mortgage as is, with the deeds in joint names and requesting my partner to sign a Deed of Assignment in which my partner's name would be removed from the Deeds once the mortgage has been redeemed.

I cannot see this working for many reasons, the main one being if my partner's name remains on the Deeds I do not think my partner would be consider as a first time buyer in the event of purchasing a house at a later stage.
Hi,

Does the above mean the bank would agree to let you keep your tracker mortgage if your partner signs a Deed of Assignment?

On the same boat myself and have been reading this post with interest.

ta
 

windy

Registered User
No the bank won't be involved it would just be an agreement between yourselves. The title deeds and the mortgage remains in joint names, however, once the mortgage has been redeemed the title deeds is then transferred into one name. That's what you would be agreeing to.

You seriously need advice from a solicitor on this one.

The downside to this route is that your other half's name remains on the title deeds and mortgage and if that person wishes to buy a house he/she would not be entitled to the "first time buyer status" as their name is still on the deeds so more that likely they will not agree to it. I am not going that route, its too messy.

Have decided to take on the Bank!!!!!!! God help me
 

wavejumper

Frequent Poster
hi Windy,

Thanks for taking the time to reply.

We are planning to go to a solicitor next week to start the separation paperwork as well as looking into what options are available to us in regards to house. One option we are both ok on is definitely for me to hold onto the house and keep the tracker...my partner is probably moving abroad, also already have lost ftb status anyway so it might not as big an issue for us but we'll talk it over with the solicitor to see what they recommend.

It's unfortunate the bank in your case are so unwilling to assist and so desperate to get you off the tracker. I wish you the best of luck with it, do keep this thread updated if it's possible, very curious to hear about the outcome.

cheers.
 

windy

Registered User
Hi Wavejumper

Well good news, the bank is allowing me to keep my tracker mortgage. Thank God for the Financial Regulator!!! I think that announcement made by the F.R. last week to pursue banks who were trying to get people off tracker mortgages did the trick.

I did, however, have to make an application for a mortgage in order to prove that I was in a position to meet the repayments and in my case I have been paying the mortgage for the last year.

So go back to the bank and fight your case. I truly know how hard all of this is both emotionally and financially but if you keep plugging away, your hard work will pay off.

All the best now and in your new life.
 
Hi Windy

I just came across this now when researching the issue for someone else.

Would you care to write a summary of your case and how you convinced the bank?

Did the FR get involved?

Brendan
 

Kevin Masden

Registered User
Hi, please help. Same issue here, I want to take someone's name off a tracker but the bank are refusing and want me to take a new mortgage and up my repayments by €400 a month so any help would be greatly appreciated
 
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