Removing Name from Mortgage or Reissuing mortgage in single name (Ulster bank)

ste2010

Hi - I'm in the process of legals with an ex of mine and the house we own and forming an agreement for one of us to walk away from the house. I am wondering if anyone has any advice on the best way to go about discussions on removing her from the mortgage with ulsterbank. I hate to say it but every time I call Ulsterbank I feel like Im talking to a robotic script that is trained to say only one thing and computer says "no" for anything else.
Is there a part of the bank or specialists that deal with this kind of thing or is it off to the local customer service advisor who is programmed to fill out a mortgage application with no further consideration!

Del2005

It's going to be very hard to get a bank to take a name off a mortgage. As it stands they have 2 people to chase if the mortgage isn't paid, why would they reduce their capacity to recover their money by reducing the number of people responsible for paying.

ste2010

I intend to replace the removed name with my wife's name and because the other person doesn't have the capability to make any repayments

phormium

I would say you are not looking at removing one name and adding another, you are actually going to have to apply for a whole new mortgage in the new names to clear the old one.

If you have a tracker you would then lose it, if not then it's not that much of an issue other than the paperwork.

If you have a tracker then you can be sure they are even less likely to just let you remove one and add another. In fairness while there might be some fight to be had about just removing a name if the remaining person has sufficient income there is practically no hope they will do what you want without going through a full application. The new applicant has to be credit scored and income details etc, basically a new loan.

Trish56

You should contact your Solicitor about this and he/she will write to Ulster Bank on your behalf. I know of plenty of people who have done this without too much hassle. The only problems I can see is (1) If the account went into arrears well the lender more than likely wont agree as both of you have a impaired credit rating. (2) You will have to qualify for the o/s balance on the mortgage and unexpired term. If you are now married and have dependents and a mortgage with your wife all of this will all be taken into consideration. (3) If you intend letting out the property a % of the rental income will be taken into consideration.
(4) Is the property in negative equity?

One way or another it is best to let your Solicitor write to them. It should not be too complicated if you kept up the repayments on the mortgage and the property is not in negative equity.