Anyone ever completed a 'Request to remove a borrower' on your mortgage with Bank of Ireland?

arock2

Hi, I have separated from my ex-partner (not married) and we need to sort what will happen to the family home. I would like to take over the mortgage on my own and offer him a lump sum similar to what he would get if we sold the house to a third party. From having a chat with a mortgage adviser in BOI I was told the 'request to remove a borrower' was a better option that drawing down a whole new mortgage on my own as I would then be tied to the Central bank lending rules (3 times income etc..). Rather the 'request to remove a borrower' looks more at your ability to repay the monthly installments. The outstanding value of the mortgage is unfortunately still large but I can afford the monthly repayments and have been saving my ex's half of the mortgage plus an additional 2% stress test buffer to prove this to the bank. There is also a lot of positive equity in the house.

Has anyone ever completed this process with BOI? I find it hard to find out information on this approach even when I have contacted the bank on several occasions, no one really knows the process, what the underwriters look at when making a decision if a family can stay in their home…. You can chat with a mortgage adviser about what the bank takes into account when applying for a new mortgage but there is no one to chat you through the process of removing a borrower off and if that means they are also taken off the title deeds and have no claim over the property anymore. You complete the forms and it goes straight to the underwriter who makes a decision. I have two young kids and I just want to make sure I have done everything I possible can before I submit the forms to try and keep them in their home. I've no debt etc..

Has anyone any experience of this process with BOI that they can share? I'd greatly appreciate it, thanks.

Jim2007

please seek proper legal advice on this. For instance removing a borrower from a loan agreement simply means the bank will no longer pursue this person in the event of a deal default. It in no way impacts the person's property rights. The bank advisor can only give comment from their perspective. They can not give family law advice, nor can we.

arock2

Thanks Jim, I have a family law solicitor but they are not familiar with the request to remove a borrower option. I have also spoken with another family law solicitor and again they are unsure also. Trying to see if anyone has experience of actually doing it.

Mrs OBumble

Removing a borrower is not an alternative approach to a legal agreement.

It's a way of handling the mortgage if the legal agreement says that you keep the house.