mortgages & separation & dirvorce

brick1

I am currently beginning a separation and would like to know how the banks treat the situation. I have two houses which are on a tracker for the lifetime of the loan which are held jointly and are let out. Would the banks ( ulster bank in this case ) propose that changing the title so that each person owns one house changes the mortgage and try to cancel the tracker or would they play ball?
Alternatively would an agreement between separating parties about the properties suffice until the loans are paid ? and how could that be constructed.
is a IFA person the ideal for this or an accountant or solicitor?

Henry Ford III

Try and agree something with your spouse first.

GerardKeating

Are they "buy to let" mortgages in the first place?

CaraMay

Of they are rented properties they shouldn't be on tracker as it's for your principal residence only.

phormium

That's totally wrong, lots of buy to lets on trackers especially with UB. No restriction to it only being for PPRs.

Your biggest problem in trying to change them into single names is affordability as you will be both have to be able to afford them at new mortgage criteria and more than likely they will try and insist you do a brand new mortgage for each if you quality thus losing your tracker.

They do have the ability to remove one name and leave the tracker alone but obviously never want to do it.