# Tracker query - buying out a partner in a jointly bought house



## Freddiecat (8 Dec 2015)

hi folks, Me and my cousin bought a house in 2003 with Ptsb tracker. my cousin now wants to exit the mortgage and I want to keep paying the mortgage and finish it out. 
Will Ptsb take my tracker off me? As the remaining mortgage will have be written solely for me, it'll be a new contract. (I think)
Any advice gratefully received. Going to see Ptsb tomorrow, so not sure what to expect.
Thanks!


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## Bronte (8 Dec 2015)

If you are going to lose your tracker, and by rights you should, as it will be a new contract, a way around it could be to do a side deal, legally with your cousin.  See what the PTSB say. And please report back it will be interesting to hear how they handle this.


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## Monbretia (8 Dec 2015)

I am sure they have the facility to remove one name and let the original mortgage continue (happens in the case of death all the time) but I am equally sure they won't want to do that for you as giving you a new mortgage means them getting rid of a tracker.

All you can do is see what they say but push for removing one name rather than a new mortgage.   All this of course assuming your income is sufficient to go it alone.


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## Bronte (8 Dec 2015)

Monbretia said:


> I am sure they have the facility to remove one name and let the original mortgage continue (happens in the case of death all the time) .



Are you sure about this, I imagine they issue a new mortgage but with the same terms and conditions of the original mortgage.  And for a lot of deaths, insurance pays off the mortgage.


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## Monbretia (8 Dec 2015)

I am sure, arranged it many times in the past but that was before the temptation of getting rid of a tracker was there.   Depends on the banks computer systems, some have the mortgage account number tagged as such to one name and the second is just that, a second name.  Really easy to remove one in those situations, sometimes if first named is to be removed it's not as easy but again it depends on the system.

Insurance does clear most mortgages but not all, you'd be surprised how many have to be continued on for one reason or another and sometimes insurance does not fully clear a mortgage, if there were arrears for example or periods of interest only the amount of the insurance may not equal the amount of the mortgage.


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## Freddiecat (9 Dec 2015)

Hi, just back from bank. Very straightforward as Monbretia suggested. No threat to tracker, just fill in a few forms and talk to solicitors. Very pleasant young bank fella too. 
Thank you for your input, Monbretia and Bronte, much appreciated.


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## Gerard123 (9 Dec 2015)

Key piece of advice I would give, from harsh experience, make sure that you get in writing from the bank that the tracker continues as is and that the documentation/form is very clear. 

I lost my tracker and the Bank relied on technical language to support what they were doing.  Many of the bank staff I spoke to over the years assured me that there was no issue, turns out those assurances were 'not worth the paper that they were not written on'.  My circumstances are a little different however its enough to advise others to be careful. 

Get it in writing. Be careful of the forms, make sure that they forms are clear that the tracker continues.  If the form is silent vis a vis the tracker I would advise you to be very cautious and sceptical.  You may possibly need to go back to the original loan documentation to see what it says if there are any changes.  Most importantly, DO NOT rely on verbal assurances from staff, however well intentioned they are or may appear.


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## PTSBCase (9 Dec 2015)

I would second what Gerard123 says. My friend bought with another person and was hoping to exit her tracker mortgage with AIB, and leave the remaining person with the original tracker. They said no problem. However when she went to sign the papers there is was in black and white that the tracker was gone. So be careful. Get a solicitor or someone who specializes in the area to confirm all is ok.


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## 44brendan (9 Dec 2015)

As this is a substantive change from the original agreement PTSB do have the right to remove the tracker element of the mortgage. Assuming that their Credit Dept agrees to the removal of 1 of the borrowers the following issues will need to be dealt with
1. transfer of ownership of the property from joint to sole name. Solicitor will need to be involved. Also isuue of positive/negative equity in the property will need to be dealt with.
2. A new loan will need to issue in your sole name. Realistically it is unlikely that the PTSB will re-instate the tracker mortgage on the new facility (Young fella in the bank would not have a clue on this!!). However you will receive a copy of the new T&C's prior to any agreement & this can be addressed at that time.
All of the above will be subject to legal costs and outlay. Actual costs should be addressed with solicitor before a final decision is made. A side agreement between you and your cousin might be a better option. However this might not suit him/her!


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## Tamango (1 Feb 2016)

Any update on this? Did you manage to keep your tracker?


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