# Taking over full mortgage and UB want my tracker



## G_star (6 Jun 2014)

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


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## wbbs (7 Jun 2014)

Are you the first or second named on the mortgage?  Some older UB mortgages can remove the second named no problem but taking off the first named requires setting up a new mortgage.  This may or may not be the case with yours, I would not be surprised if they were just trying to get you off the tracker.  For example if on a joint mortgage one party dies then the account has to be changed to sole name, regardless of whether first or second holder dies they have the facility to set up the new mortgage with the exact same rate as the old one.  

So in other words they could do it if they wanted to.


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## Brendan Burgess (7 Jun 2014)

UB is under no obligation to allow your sister take her name off the mortgage. 

However, many banks do allow it, and allow the remaining person to keep the tracker.

wbbs makes a good point. What would have happened if your sister died? 

Check out this example 

http://www.askaboutmoney.com/showthread.php?t=143959

Search askaboutmoney and you might find an example in Ulster Bank 

It's probably useful at this stage to get their formal approval to give you a new mortgage on your own at SVR. Then they will not be able to argue at a later stage that they are refusing you on the grounds of affordability.

If UB absolutely refuse, you will have to leave your sister on the mortgage. You can do a side deal with her whereby you take over the interest in the property and full responsibility for the mortgage.


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## G_star (7 Jun 2014)

Hi there, 
Thanks for that, I'll be meeting the bank on Monday to see if it is a possibility.
Will keep you posted!


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## Alexmartin (7 Jun 2014)

Your sister may need to have no existing mortgage in order to get approval for as high a mortgage as possible with her partner, so that might prevent you just leaving her on the mortgage.


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## G_star (7 Jun 2014)

Hi there, 
Yes, that's the main reason I'm looking to take the mortgage over so she can get her own mortgage with her partner. We are both being approved for 'new' mortgages. Her with her partner for a new property and me to take over the existing one.... (With an application for a new mortgage not continue with the current terms) 
This way they get her on SVR and also get me off the tracker rate as it's considered a new mortgage.... 
Anyway will see how I get on with the bank on Monday.
Thanks again


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## Fallonben (27 Aug 2014)

Hi G_star, sorry for butting in on your thread but I was reading it with interest as I'm in a similar position myself, and I was wondering how you got on with UB? I've had a joint mortgage with my ex-partner since 2006.  We split up in 2007 and I  paid the mortgage on my own until 2012, and since then with my husband.  I would really like to take my ex's name off the mortgage as he would like the opportunity to apply for a mortgage with his new partner, and I would like to have my  mortgage in my own name/mine and my husband's names.  It is a tracker mortgage and I'm not sure if UB will allow me to keep it.  Btw the property is in negative equity by 120K.


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