# Do I lose the Tracker Mortgage- buy out



## Roisinb (19 Jul 2011)

The Tracker mortgage is in both names, if I buy out and changes the title, do I lose the Tracker Mortgage? 
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## wbbs (19 Jul 2011)

If the bank insists you take out a new mortgage to clear the old one, yes you will lose the tracker.


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## Roisinb (20 Jul 2011)

Is it normal for them to insist on this?


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## wbbs (20 Jul 2011)

It would be fairly normal, I am assuming you wish to take over the whole mortgage in your name only, if that is the case then you are effectively applying for a new mortgage, submitting income details etc and it will go through their underwriting procedure and will require a new loan offer etc.  Have they already indicated you would qualify for this?

Removing a name from a mortgage for example if one party died would not require a new loan and existing one could be amended.

If in reverse you were adding a name some banks will just straightforward add the name to the existing mortgage which does not require a new loan offer and does not lose the rate.

However in the present climate I am sure all of them will do anything they can to get rid of a tracker mortgage.


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