Tracker Mortgage - Removing name

Sunny76

Hi there,

My ex and I have been living apart for sometime and we are looking at making things legal - starting seperation and all that. My ex is signing away his rights to the house. I still live here and pay the mortgage. My question is around keeping the tracker mortgage that is in currently in place. If my ex and I approach the bank to have his name removed from the mortgage will they take the tracker mortgage off me? I know they are trying to get people of trackers at the moment. I am managing to keep the mortgage paid - have never missed a repayment or anything. If I were to lose the tracker it would put me in a more difficult position. I know the bank won't care about that but just wondering if anyone has any experince of this?

Thanks in advance.

Sunny76

beazee

Seems to me the mortgage was issued to a couple with two incomes. Changing terms (one person = one income) is more like signing on new mortgage on new terms I'm affraid.

Sunny76

Aw no - that kinda leaves me in a mess!

daveyboy_1ie

You will basically be starting a new mortgage and won't be offered a tracker. Does not matter on your history of payments etc., the fact is banks are losing money on their previous mistakes and won't be making them again. It's unfair I know but this is what will happen I am sure.

My cousin had a similar situation and this is what happened to her.

Sunny76

It will just have to stay the way it is so for now. My ex is happy enough once I keep on top of things. Hes not going to be buying in the near future. I suppose we just wanted a clean break. Thankfully we are on good terms so its not a major panic. I will approach the bank anyway and give it a go :-)

homer911

Sunny76 wrote: »

It will just have to stay the way it is so for now. My ex is happy enough once I keep on top of things. Hes not going to be buying in the near future. I suppose we just wanted a clean break. Thankfully we are on good terms so its not a major panic. I will approach the bank anyway and give it a go :-)

Ask hypothetical questions "We are thinking of.." etc

Sunny76

Cheers homer911..will do that. I read another, similar post on here where someone was successful with this so it might be worth the fight. Think they contacted the financial ombudsman. Will give it a shot

phormium

If you would qualify for a mortgage of the amount you have at today's underwriting criteria then there is some hope, if not then there is not a chance they will remove other name from the mortgage so that is the first query.

If you do qualify then it is possible for the bank to remove one name, whether they will be willing to or not is another story, first hurdle though is to see if you qualify to take over that mortgage on your own, it very seldom works!

Sunny76

I think I would qualify on my own....luckily its not a big mortgage. All we want is a clean break - we both want to get on with our lifes. Our seperation is on very good terms the last thing we need is something like this becoming an issue between us. I have been paying the mortgage myself for the last three years ...living here on my own so nothing is going to change there. Its just to get the name off so my ex can get on with his life. It doesn't really make any difference to me.

phormium

Well then the way I would approach it would be check with bank if you qualify to take it over in your own name, if you do, get your solicitor to write to mortgage dept asking what they require to remove name, don't bother asking can it be done just assume it can and see what documentation is required. It is done regularly where one party to a mortgage dies.

Sunny76

Thanks a million for that. I am going to get cracking on it this week.