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Changing mortgage details

  • 05-09-2014 9:30am
    #1
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭


    I'm quite clueless, so please be gentle on me! A number of years ago I got a joint mortage with 2 other people. We're now in a position where one of the parties would like to procure a mortgage of their own, but the bank has refused as they are assessed on the full amount of the current loan, even though 3 people are paying into it.
    Now, I read on here before, that there is two ways joint mortages can be set up, either split between the people, or one amount, which all 3 are paying into. I'm just wondering if anyone knows if it's possible to amend this, so that we are each only responsible for our own portion? I will of couirse, seek the advice of a solicitor, but just in a general sense, would it be feasible?

    Thanks in advance :)


Comments

  • #2
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    dearg lady wrote: »
    I'm quite clueless, so please be gentle on me! A number of years ago I got a joint mortage with 2 other people. We're now in a position where one of the parties would like to procure a mortgage of their own, but the bank has refused as they are assessed on the full amount of the current loan, even though 3 people are paying into it.
    Now, I read on here before, that there is two ways joint mortages can be set up, either split between the people, or one amount, which all 3 are paying into. I'm just wondering if anyone knows if it's possible to amend this, so that we are each only responsible for our own portion? I will of couirse, seek the advice of a solicitor, but just in a general sense, would it be feasible?

    Thanks in advance :)


    You need to contact a solr in relation to this as it is complicated and needs the permission of the bank to make any changes to the mortgage security. No one here can answer that question for you as it is always going to be a decision that the bank makes.


  • #3
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    theres no such thing as a joint mortgage where each "portion" is treated seperatly.

    OP your joint and serverly libel and that will not be ammended. The only option you have is to essentially have the 2 of you remortgage assuming you meet the correct criteria to do so and thus take over the mortgage.

    Even if you can do that theres still a lot of things that would also need to be considered/ sorted.

    If the property is in Neg equity, how would you treat that ?
    If your on a tracker you will lose that. How would that be compensated for that loss ?

    etc etc etc.

    Theres certainly no straightforward way of doing this, you really should have had some kind of legal agreement drawn up considering this situation because buying as a group of 3 people is always going to be a mess.


  • #4
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    D3PO wrote: »
    theres no such thing as a joint mortgage where each "portion" is treated seperatly.


    I suspect the OP is talking about Joint Tenancy & Tenancy in Common, which is a legality on the title deeds, not the loan.


  • #5
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    The_Morrigan wrote: »
    I suspect the OP is talking about Joint Tenancy & Tenancy in Common, which is a legality on the title deeds, not the loan.

    That's probably what it is, I just remembered reading something on Boards before, but probably have it mixed up. Thanks for the wonderful advice D3PO, I'll just head back in time and do that! :)


  • #6
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    dearg lady wrote: »
    That's probably what it is, I just remembered reading something on Boards before, but probably have it mixed up. Thanks for the wonderful advice D3PO, I'll just head back in time and do that! :)


    There is no need to be smart dearg lady, keep it civil please!
    /Mod


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  • #7
    D3PO
    Registered Users, Registered Users 2 Posts: 7,879 ✭✭✭D3PO


    dearg lady wrote: »
    That's probably what it is, I just remembered reading something on Boards before, but probably have it mixed up. Thanks for the wonderful advice D3PO, I'll just head back in time and do that! :)

    nice of you to be so ungrateful. Your welcome :rolleyes:


  • #8
    The_Morrigan
    Registered Users, Registered Users 2 Posts: 9,368 ✭✭✭The_Morrigan


    D3PO wrote: »
    nice of you to be so ungrateful. Your welcome :rolleyes:


    Cut it out!
    /Mod


  • #9
    dearg lady
    Closed Accounts Posts: 2,091 ✭✭✭dearg lady


    Well being honest I'm not gonna be grateful on advice that's entirely useless. Believe me, if I COULD go back in time I would most definitely do things differently! But here we are, and I can only work with the situation as it stands :)


  • #10
    MouseTail
    Registered Users, Registered Users 2 Posts: 1,663 ✭✭✭MouseTail


    dearg lady wrote: »
    Well being honest I'm not gonna be grateful on advice that's entirely useless. Believe me, if I COULD go back in time I would most definitely do things differently! But here we are, and I can only work with the situation as it stands :)

    You have to understand that often answers are crafted in a way that will help others, not just the OP. DP30s answer for example would be very useful for anyone who was at the start of the process and the search yielded this thread.


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