But earlier @Brendan Burgess said...
So, if the separation agreement/judicial separation is irrelevant to the lender and the loan contract between them and the joint borrowers, how does all of the above work?
The usual practice is that he signs away his claim on the house and she agrees to pay the mortgage, which is what appears to have happened here.
But earlier @Brendan Burgess said...He is indemnified against all monies owed to the mortgage ( payments, arrears etc ). I agreed full responsibility for payment of the home loan.
Likewise I am indemnified to any loan payments, HP or arrears he has / may have
So, if the separation agreement/judicial separation is irrelevant to the lender and the loan contract between them and the joint borrowers, how does all of the above work?Not really. The separation agreement is between the two joint owners.
The mortgage is between them and their lender. The lender is not bound by the separation agreement or by a court order.
Thats what I thought. Only repeating what I heard tbhYou initially said:
Can you clarify the figures?
Thanks. So any indemnification in relation to loans etc. is solely between them and nothing at all to do with any lender who could still pursue both for any joint loans should the need arise?They can agree whatever they want with each other, but that does not affect their joint and several liability to the bank.
Yes thats it. The house folio is in my name. But UB can pursue either of us if they had to.Hi Clubman
A&B jointly own a house.
A& B have a mortgage with bank.
They are jointly and severally liable to the bank for the mortgage.
They can agree whatever they want with each other, but that does not affect their joint and several liability to the bank.
So B signs over the house to A. (Not sure if that is fully registered or just a binding agreement.)
A agrees with B that she will make the repayments in full.
If A does not make the repayments, then the bank will come after both A&B.
Brendan
Is the above info correct?O/s mortgage - approx 315,000 / 22 years. House Value approx 280,000. No arrears. No other loans.
As you say, if UB told you this it is weird.I rang Mortgage Operations and asked re: if I paid of 70K off
This would bring the LTV to 58%
2 year fixed 2.95%
4 year fixed 3.15%
7 year fixed 3.55%
I will phone them again today and see what the reply is about the fixing of rates, against yesterdays rates quoted - I presume I need 2 signatures on all docs if I was to do this...Is the above info correct?
As you say, if UB told you this it is weird.
Here is UB's webpage of rates but I can't see the rates they have quoted you:
Mortgage Rates | Fixed, Variable, Buy-To-Let | Ulster Bank
Ulster Bank Ireland DAC is no longer accepting any new application requests from personal customers. There are some exceptions to this for existing customers, visit our website for further information.www.ulsterbank.ie
Any fixing letter I've got from my lender has insisted on signature of me and wife for validity.I presume I need 2 signatures on all docs if I was to do this...
I will phone them again today and see what the reply is about the fixing of rates, against yesterdays rates quoted - I presume I need 2 signatures on all docs if I was to do this...
I presume I need 2 signatures on all docs if I was to do this...
no issue with permission etc?Many people would be tempted to put his signature on it as it has no implications for him.
It is not like taking out a loan and forging a signature.
Brendan
no issue with permission etc?
I rang mortgage operations again now:I will phone them again today and see what the reply is about the fixing of rates, against yesterdays rates quoted - I presume I need 2 signatures on all docs if I was to do this...
80,000 would bring it to 80%LTV ( based on a guess of 300k house value - could be higher )It is not worth giving up a tracker to get a 2 year fixed.
The minimum period you should fix for is 5 years.
Pay a bit more off the mortgage and get down below 80% LTV.
Brendan
Yes and if you were to get an additional €14,000 income from the ‘rent a room’. It might help too.Many people would be tempted to put his signature on it as it has no implications for him.
It is not like taking out a loan and forging a signature.
Brendan
Yes, looking into it or the ARP Payment SchemeYes and if you were to get an additional €14,000 income from the ‘rent a room’. It might help too.
That's only worth €4,800 p.a. and is really towards the additional household costs arising from hosting refugees. Not really comparable to the rent a room scheme in my view.Yes, looking into it or the ARP Payment Scheme
I think it has increased to 800 pm / 9,600 PA ClubManThat's only worth €4,800 p.a. and is really towards the additional household costs arising from hosting refugees. Not really comparable to the rent a room scheme in my view.
Ah, you're correct.I think it has increased to 800 pm / 9,600 PA ClubMan
The payment will increase to €800 per month from 1 December 2022.
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