Will the bank allow me to take ex off mortgage

[loneparent]

Hi looking for some advice. I have applied with KBC to remove ex from mortgage .They are saying it could take up to 3 months for them to decide .
I have completed the case study template and was wondering what my chances are of the bank approving and if they say no what or my options then ?

Personal and income details
Income self: private Sector 78,000
Income history: 18 years 2 Months - full time
Income partner: ex partner - Job seekers allowance not sure of amount - can’t pay
Income history: Not worked in 7 years .
Number of children: 2
Amount of Mortgage Interest Supplement received: 37
Home loan
Lender: KBC
Amount outstanding: 227920
Value of home: Not sure waiting on valuation similar house in area sold recently for 255000
Interest rate: 4.5%
Monthly repayment: 1400
Amount in arrears: 0

Summary of discussions and agreements with the bank. Home loan was restructured last July by capitalizing arrears of 10500. No payments missed since.

Other loans and creditors –
Credit Loan of €20500 against shares of 4000 restructured to 400 pm
Advent credit card -outstanding balance 3520 payment restructured to 80 pm
Aib credit card -Outstanding balance 3083 payment restructured to 80 pm
Board Gas Finance- Outstanding balance 452 restructured to 49 pm

Other savings and investments
1600 shares – these wont mature until 2017

Any other relevant information

I have applied to remove my ex –partner from the mortgage .
He has not resided at in the family home since September 2009. Any payments made to the mortgage have been completed entirely by me. I also paid the deposit of 27500 and the stamp duty original loan was 264000. Ex lived in home for 5 years. Ex has agreed to allow me to take over the mortgage in my name.
Home loan was restructured last July by capitalizing arrears of 10500. No payments missed since.
No child care cost as ex does this.
I would have a bad credit rating based on missed payments etc

What is your preferred realistic outcome?
I want to move on as does my ex. Ideally remove him from the mortgage and keep the family home .

 

[Lucuma]

Hi loneparent, so you went from not working for 7 years to getting 78k per year (I assume that's gross). That is impressive!
Whether they allow you to take over the mortgage in your own name is completely based on your income, how steady they see your job as being, how much is outstanding on the house and your other debts.
You would obviously need to send them the valuations for the house (at least 2) as part of the application to take his name off. So the valuations are key really. If they show, as you seem to imply, that the house is in positive equity and if you have a permanent job that you've been in for over 1 year with a salary of 78k and can easily make the monthly repayments, I would say you're in with a good chance.
However all your other debts could count against you - although you seem to have them all restructured down to manageable monthly amounts. Best of luck

 

[44brendan]

From the perspective of a banker (not KBC) I would see this as being a reasonable request and that you should be facilitated. However, not all decisions are logical and hopefully KBC will see the merits in approving same.
Positively the other party is prepared to co-operate as deal is not possible otherwise. 3 months seems to be a long time to make this decision and hopefully you will get an earlier one. In the meantime there is little point in worrying about a refusal as provided that your ex does co-operate you can reach an agreement where he will disclaim any interest in the property in return for you meeting the repayments.

 

[alex24]

Hi loneparent, so you went from not working for 7 years to getting 78k per year (I assume that's gross). That is impressive!
Whether they allow you to take over the mortgage in your own name is completely based on your income, how steady they see your job as being, how much is outstanding on the house and your other debts.
You would obviously need to send them the valuations for the house (at least 2) as part of the application to take his name off. So the valuations are key really. If they show, as you seem to imply, that the house is in positive equity and if you have a permanent job that you've been in for over 1 year with a salary of 78k and can easily make the monthly repayments, I would say you're in with a good chance.
However all your other debts could count against you - although you seem to have them all restructured down to manageable monthly amounts. Best of luck

My reading is she has been working 18 years and is on €78k whilst her ex partner is on jobseekers and hasn't worked in the last 7 years.

It would seem like a reasonable request, however, from the bank's point of view, they have nothing to gain from releasing your ex from the mortgage, so not sure if they will agree to it. If theu don't the best you could hope for is that your ex will sign a Deed of Transfer of his interest in the property to you in return for you indemnifying him against any costs/losses of the mortgages. Unfortunately, the banks hold all the cards as you can't refinance anywhere else at the moment. It will be a waiting game for equity and your credit rating to improve,if they don't agree.