# Moving from joint to sole ownership(Tracker) is this considered a new mortgage application?



## Dee1000 (22 Nov 2019)

Hello,
I am looking to change the joint ownership of our house to sole ownership, its a tracker mortgage with 100,000 left on it, theres about 250,000 equity in the house. My husband is handing over the full ownership of the house to me (with three kids)  . I do not need to buy him out the house will be mine and the kids .  There's 16 years left on the mortgage and we are with PTSB, I have read through previous posts and just want to know what the bank can offer me before I meet with them as I dont (financially cant)  lose the tracker,the repayments have always been out of my bank account and there were never any arrears.  To change from joint ownership to sole ownership is that considered a new mortgage application and would I need to fulfil certain financial criteria ? My changing from joint to sole would this affect the tracker mortgage and repayments? I can arrange a meeting with PTSB but am wary  of getting information from them as a lot seems to depend on who you speak to , many thanks for any advice


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## Brendan Burgess (22 Nov 2019)

The practice varies between banks. 

If you can meet the credit criteria for a €100k mortgage, then they will probably do it. 

If you can't, they will insist that your husband remains on the mortgage. 

If they don't agree, you can do a side agreement with your husband, whereby he renounces his interest in the house and you take on full responsibility for the mortgage.  That does not affect your relationship with ptsb.

A tracker is no longer as valuable as it once was.  Say you are paying ECB +1%. You could be paying as little as 2.3% from Ulster Bank, so the cost to you each year is €1,300 and reducing. 

It's still worth holding onto, but while your husband is amenable to transferring ownership to you, if you had to sacrifice the tracker, then do so.

In cash flow terms, it will cost you about an extra €40 a month.



Brendan


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## Dee1000 (22 Nov 2019)

Hello Brendan
Thank you so much for your reply, Im not sure if I would meet the credit criteria as I work part time (40,000 gross per annum) but would be getting maintenance as well (11,000 a year) , I will arrange a meeting with PTSB, do you know does this has to be specifically with the branch the mortgage is with ? While changing the ownership of the house to just me is definitely preferable, legally if my husband renounces his interest in the house in the deed of separation does that mean that I am the owner of the house even though it would still be in both our names so I wouldn't need to change anything re. the mortgage (it comes out of my account anyway) again many thanks for your response its so helpful to get unbiased information and help many thanks


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## Brendan Burgess (22 Nov 2019)

If you do it by side agreement, you are the de factor owner if not the legal owner. 

The downsides of this are 

When you go to sell it, you would need his signature.  Shouldn't be a problem but Exes often make life difficult
He will still be on the Credit Register for a loan of €100k which might limit his ability to get a mortgage 
if you don't pay the mortgage, his credit record will be damaged. 
A clear break and clear ownership is preferable.

Brendan


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## Dee1000 (22 Nov 2019)

Thanks very much Brendan , one of the stipulations of me getting ownership is that it would not be sold as it will go to the children after my lifetime, 
Is side agreement something that needs to be agreed outside of the deed of separation or as part of it? many thanks for your advice it is a huge help

Dee


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## Brendan Burgess (22 Nov 2019)

You would need to check that with your solicitor.

I presume it can be incorporated into the deed of separation.

Brendan


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