Taking name off mortgage

[Serenn]

Hello All,

Just a request for some advice.

Situation
Myself and my ex-husband (divorced) are still joint holders of a tracker mortgage (1% + ECB) for a property in Cork in which neither of us lives. We have been trying unsuccessfully for a two years or so to sell it. There seems to be little interest (it’s 28 acres of agricultural land including a site with planning permission on it as well in West Cork).


Proposal
My ex has proposed that he take over the mortgage and leave me free to get on with things myself. Note, he is not offering to buy me out, just to take over the mortgage and take my name off it.


My own feeling is that the mortgage provider has no incentive to allow this to happen, doesn’t it mean they have one less person to chase in case of a default?

And even if they did, if any attempt is made to change the original T&C’s, they will leap upon it as an excuse to strip us of the tracker, would I be correct in thinking this?


I’d appreciate your thoughts.


Serenn

 

[Monbretia]

Yes you are right there is nothing in it for the lender if you both have income, it does give them one less to chase should anything go wrong but if his income is sufficient to take it over they might allow a remortgage in sole name but they probably will insist on it being a new loan at new rates so you could lose the tracker.

They could of course if they wanted just remove the name but chances are they won't and will insist on a new application/loan but only way to find out for sure is to ask the lender

 

[Gerry Canning]

I take it you want shot of any interest in the property .
Tell ex -husband to fire away and if he succeeds = happy days.( if rate is a bit higher = his choice)
If not , you are no worse off.