Hi there,
I am hoping someone might help me. I have a property with my sister. She is now looking to buy with her partner and I am taking over full payment of the mortgage Ulster Bank have agreed I have the financials to take on the mortgage.
The have advised that to have a party removed from the existing mortgage they need to complete a new mortgage application (so I have to fill in a fresh application). It is an Ulster Bank requirement and the credit department have advised a rekey is required as per internal policy so they cannot just remove one party.
I am on a tracker mortgage so because its a new mortgage I won't get to keep my tracker rate. Am I wrong in thinking that I should not need a new mortgage with new terms? It seems that their policy of how mortgages are managed is a way to stop me keeping my existing terms. I understand banks are trying to get rid of the tracker but I just want to understand if I can argue this?
Has anyone else faced this?
Thanks
I am hoping someone might help me. I have a property with my sister. She is now looking to buy with her partner and I am taking over full payment of the mortgage Ulster Bank have agreed I have the financials to take on the mortgage.
The have advised that to have a party removed from the existing mortgage they need to complete a new mortgage application (so I have to fill in a fresh application). It is an Ulster Bank requirement and the credit department have advised a rekey is required as per internal policy so they cannot just remove one party.
I am on a tracker mortgage so because its a new mortgage I won't get to keep my tracker rate. Am I wrong in thinking that I should not need a new mortgage with new terms? It seems that their policy of how mortgages are managed is a way to stop me keeping my existing terms. I understand banks are trying to get rid of the tracker but I just want to understand if I can argue this?
Has anyone else faced this?
Thanks