Remove name off tracker mortgage - best way to do it?

Puteq

Hi, myself and my ex got a tracker mortgage back in 2008 before the bust hit. We were lucky, apparently banks are making no money on these, it is a very competitive rate compared to whats out there now. Both our names are still on it but I have moved out for years and have left the house etc to my ex-partner. The only reason I never pushed to remove my name off the mortgage is as far as I know the only way for someone to 'remove' their name from a mortgage is for the other person to sell the mortgage back to the bank and get a new one in their own name (presuming they can afford it). I'm sure this would suit the bank but I assume would leave my ex in a financially worse position than she is in now which I do not want to cause.
Theres a lot of assumptions in there - is it possible to move one persons name off a mortgage and transfer it to the other exclusively if they've been paying it on their own for years anyway? Is there anything else I should know about all this or any advice anyone might have for me? I'd greatly appreciate any guidance on the best way to do this without making my ex's situation worse. Thanks

Car99

Puteq wrote: »

Hi, myself and my ex got a tracker mortgage back in 2008 before the bust hit. We were lucky, apparently banks are making no money on these, it is a very competitive rate compared to whats out there now. Both our names are still on it but I have moved out for years and have left the house etc to my ex-partner. The only reason I never pushed to remove my name off the mortgage is as far as I know the only way for someone to 'remove' their name from a mortgage is for the other person to sell the mortgage back to the bank and get a new one in their own name (presuming they can afford it). I'm sure this would suit the bank but I assume would leave my ex in a financially worse position than she is in now which I do not want to cause.
Theres a lot of assumptions in there - is it possible to move one persons name off a mortgage and transfer it to the other exclusively if they've been paying it on their own for years anyway? Is there anything else I should know about all this or any advice anyone might have for me? I'd greatly appreciate any guidance on the best way to do this without making my ex's situation worse. Thanks

Terms of original mortgage contract would not be fulfilled if you leave the equation. New application required to get a new mortgage on the property . The balance outstanding should be considerably lower 13 years into a mortgage so the new mortgage would not require the same level of earnings as the original . And the loan to value ration should be in her favour also when getting a rate agreed.

Trish56

I would recommend that your Solicitor write to the lender asking if your name can be removed from the mortgage and the property and if your ex partner can continue with the tracker. She will have to qualify for the outstanding balance on the mortgage in her own right.

No one on here is going to give you the correct information. I've heard of it been done and a Solicitor was always involved and it probably depends on the lender.

phormium

I would do as Trish recommends, technically the bank can of course take a name off a mortgage and used to do it all the time if required, it's what happens when one party dies! But of course they discovered there was no point agreeing to it on a tracker as they had a chance of maybe getting rid of a tracker and pushing customer to new mortgage.

It can definitely be done but in general they don't want to. Depending on the bank too it may be more complicated computer wise which probably influences their decision, I worked for one and it depended which party was first named on the mortgage, if you wanted to remove the first named it was fierce hassle but if you wanted to take off the second named it was just click of a button. All this assuming of course your partner now qualifies for the amount outstanding income wise.

Puteq

Hmmm OK good to know thanks for the info guys something to try anyway

NIMAN

I know someone who enquired about a similar thing a few years back, and bank basically said that existing mortgage would be closed out and a new mortgage put in its place. Can't simply take a name off it.

Of course they could, but its probably a good way of getting the customer on to a worst rate on a new mortgage, as others have said.

Jim2007

NIMAN wrote: »

I know someone who enquired about a similar thing a few years back, and bank basically said that existing mortgage would be closed out and a new mortgage put in its place. Can't simply take a name off it.

Of course they could, but its probably a good way of getting the customer on to a worst rate on a new mortgage, as others have said.

Banks sell financial products just like a garage sells cars this is something many people don’t understand. You can’t buy a car just like you can’t get a mortgage. You have to get a specific product in both cases and you have to choose from what is available at the time.

And just like you trade in an old car for a new one, you do the same with financial products. And just like with cars, banks may be able to do you a deal on the new product or maybe not.

Removing a name from a mortgage is not an administrative task. It means that the bank has one less source to chase for payment and so the underlying risk model is impacted and the pricing of the product changes.

Don’t be surprised if banks don’t want to do it or charge you for doing it.