# Can I keep my old tracker after separation?



## wavejumper (3 Sep 2010)

In the initial stages of separation/divorce, we are looking at our options in regards to what to do with the house.  

My other half would be happy to leave me the house for a lump sum.  The original mortgage is on both out names, taken out in 2003, tracker at .80% over ECB rate.  

Will I be able to retain the same the exact same mortgage on my name only or will the bank (UB) force me to get a new mortgage at today's unfavourable rates?


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## PaddyW (6 Sep 2010)

If you are going to take on the mortgage in just your own name, then a new mortgage will be required and you will lose the tracker.


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## KerryG (6 Sep 2010)

Do you need to borrow extra to buy partner out?  If yes then you will have to get a new mtg and will lose the rate.  However if there is no other change to the mtg other than removing a name then you could possibly try and get them to just do that.   They can certainly do it, whether or not they want to is another story, it would be an opportunity for them to get you off tracker but the mechanics of just removing a name is possible and is done when for example one party to a mortgage dies.


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## wavejumper (6 Sep 2010)

Hi,

Thank you for your replies, no I won't need to borrow anything to buy the partner out, we have savings that will in part go towards buying her out.

Ideally I would really prefer to keep the house but only if I can keep the tracker as it is, if the bank insists on a new dearer mortgage we will be probalby forced to sell, which in the current climate would be quite a loss...  As if the whole divorce wasn't fun enough...


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## wavejumper (7 May 2013)

I'm updating this on the request of one of the admins. hoping it might be of help to others.

As suggested the bank had zero appetite to remove one guarantor from the tracker and offered no option other than to get a new mortgage (not a tracker of course).

Given that the split was rather amicable we agreed to include in the divorce papers a deed that stated my ex-wife's name would remain on the mortgage (as a favour to me to hold onto the tracker) but that she would waive off any claims on the house.  This is probably not a very strong guarantee that she wouldn't change her mind later but it is a legal contract so it would cost to break.  The bank had no role in this, we stipulated everything via solicitors.

As it stands I managed to keep the house, got the deeds of the house fully transferred to my name whilst retaining the tracker...I did lose pretty much all my saving in the process of buying her out and am servicing the mortgage by myself but thankfully it has not been too difficult once the dust settled.


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## Brendan Burgess (7 May 2013)

Hi wavejumper

Thanks for the update. 

Which bank was it? 

If your income has improved or if the amount of the loan has reduced since you were first refused, you might be able to get the mortgage fully into your name now. 

These people were successful

http://www.askaboutmoney.com/showpost.php?p=1330116&postcount=5

It may be worth trying again. You are well protected with the Deed of Assignment, but you may as well be completely independent. 

If you do try, please come back and let us know, successful or not.

Brendan


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## wavejumper (7 May 2013)

the tracker is with UB.  My income has not changed since, I think the threshold they would consider for me to take it on my own was around 74k, currently I owe around just over 100k.  I might approach them again in a while.


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## Brendan Burgess (7 May 2013)

Hi WJ

What is your income now?  If you owe just €100k, then you would probably need a salary of around €40k. ( I am out of touch with salary multiples, but I think it could be as low as this). 

In three of the cases in the link, UB was the lender which allowed people to keep their tracker mortgage. 

Since you were first refused, they have become the only bank to allow customers to transfer their tracker to a new home. 

As you have been paying the mortgage on  your  own since the separation, without going into arrears(?), I think you have a good chance.


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