# Change of mortgage name / terms loss of tracker



## Rio (9 Feb 2015)

Evening, just looking for some opinions on my situation. Had a joint mortgage 2005 but only my name on deeds but joint names on mortgage and this info was detailed in terms of mortgage which was a tracker mortgage . 
I used the service of a broker as was unsure of the process for mortgage application etc. 
in 2009 due to break up of relationship needed to remove partners name from mortgage. Engaged the services of the broker yet again.I was told I needed to close original loan and reopen a new loan with top up amount in my sole name .
Unfortunately neither broker or bank advised on this would  cause giving up tracker and I was offered the standard variable rate at that time on the complete new revised amount , no option to obtain tracker on original loan amount and to be honest I didn't considered  I was in a tracker and implications etc
Was this an error / ignorance on my part or are the bank/broker at any fault ?
Learned lesson so try to be more aware now after my costly mistake .


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## Brendan Burgess (9 Feb 2015)

Hi Rio

It's tough, but you have no case. 

You didn't just change the name on the mortgage. You took out a new loan in your own name and under new conditions. 

Let's say that the broker had told you that you would lose the tracker? You would still have gone ahead with it so separate yourself from you ex joint owner. 

Brendan


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## Rio (11 Feb 2015)

Thanks Brendan ,
Name was on mortgage only not deeds so maybe if I had been more wise there may have been an alternative option I could of availed off  that may have been less costly or if I was more aware I was losing tracker should have bargained with bank as LTV at time was less than 90 .
I guess am a little frustrated the broker did not make me more aware what if any options were available at the time .looks like no point in following this one now .


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## 44brendan (11 Feb 2015)

Rio I can see no cause for complaint here. You were in an unfortunate position where you required a new loan to pay off your existing one. Perhaps if you had negotiated directly with the Bank on the rate you may have got some mitigation. However, you were fully aware of the T&C's of the new agreement when you signed it and this ship has now sailed!


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## Bronte (11 Feb 2015)

I too doubt very much you could have done any better.  Look at it this way, unlike many others you manged to get yourself out of a mess, sure there was a cost, but far better peace of mind. 

Because of all the talk about trackers everybody now things they have lost out, it's not actually true for many people, some of us, me included, never even looked at trackers and they were available.  You cannot always get the best deal and you get the one that suits you at the time generally. 

Don't see how you could have kept your tracker as it was in joint names.


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