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Mortgage question- to move into one name

  • 04-12-2014 5:56pm
    #1
    Dixie Chick
    Registered Users, Registered Users 2 Posts: 1,062 ✭✭✭


    Hi,

    Mods feel free to move this but am guessing its better in banking than in accom and property.

    I own a house with an ex, mortgage since 2008. We split 4 years ago and I have lived there and paid mortgage (its a tracker, so payment manageable)

    I would like to know my options if I were to try and get this mortgage in my name only. I would have an option of a guaranteur if needed.

    The house has a negative equity situation of about 50k. I am wondering if anyone could advise have they done similar.

    I will approach both my solicitor and my bank but would appreciate any ones real life experiences If they could.


Comments

  • #2
    draiochtanois
    Registered Users, Registered Users 2 Posts: 2,655 ✭✭✭draiochtanois


    This post has been deleted.


  • #3
    Trish56
    Registered Users, Registered Users 2 Posts: 1,256 ✭✭✭Trish56


    Firstly you will need to get your ex to agree that both the house and the mortgage can be transferred into your name only. Once you have this agreement you need to approach your lender to see if they agree the mortgage can be transferred into your name only.

    You will need to qualify for the outstanding mortgage on your income only. If they agree then contact your Solicitor to complete the paperwork. The fact that the property is in negative equity may not help.

    Another option is if your ex agrees perhaps contact your Solicitor for them to contact the lender with your proposal. 1st option may be cheaper.


  • #4
    Dixie Chick
    Registered Users, Registered Users 2 Posts: 1,062 ✭✭✭Dixie Chick


    Yes I believe he would play ball.

    As for the negative equity and hm paying out, no I don't believe he would. Nor would I ask if it was the difference between him being off it totally and me the sole owner.

    Many thanks trish, I believe maybe going through the solicitor to the bank may be a good idea. I think I was just getting the feelers out there to see was this actually doable!!


  • #5
    chris85
    Registered Users, Registered Users 2 Posts: 4,502 ✭✭✭chris85


    Another point here would be I would imagine that you would not be able to keep a tracker rate here. Essentially to get his name off it you will need to get a new mortgage agreement and as such most likely would have to go with existing rates. Some products allow transfer of tracker rates but these are usually for trade up or down mortgages and not this type of situation.


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