How do I get my ex off the mortgage?

Are they saying they will fix with only your signature??
It might be worthwhile to get updated valuation and call out with valuer the reason, might up the approx valuation. At the end of the day its an estimate.
 
nonamegame said:
2yr fixed 2.40%
4 yr fixed 2.55%
4 yr green 2.45% BER >B2
5 yr 2.55%
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UB also has 7- and 10-year fixed rates. They are both 2.95% for an LTV less than 80%.

And if it turned out that you got a valuation of €315k or higher, you could reduce your balance to €252k. That would give you an LTV of 80%, and because your balance would be >€250k, you would be eligible for UB's 2.2% 5-year high-value fixed rate.

Log in to UB's Manage My Mortgage portal and see what estimated value they have for your property:

Manage Your Mortgage | Mortgages | 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

If you think it could/should be higher, call them and ask for an updated valuation – it's free.

UB also puts a cap of six months' interest on any future break fee, and AIB will have to honour that cap if you fix before AIB take over your mortgage. That cap may allay some of the usual fears that people have around fixing for a long period.
 
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Brendan Burgess said:
Many people would be tempted to put his signature on it as it has no implications for him.
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I would never advocate this of course.

At the same time lenders get tens if not hundreds of thousands of these signed documents back a year and I very much doubt they scrutinise them very closely against sample signatures.
 
dubdub123 said:
Are they saying they will fix with only your signature??
It might be worthwhile to get updated valuation and call out with valuer the reason, might up the approx valuation. At the end of the day its an estimate.
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No I never mentioned anything about signatures or separation
 
Thank you very much Paul F, I logged in and the current info was :
House Price Index (HPI) valuation
amount (current valuation):		€421,772
Loan to Value (LTV)
(Based on HPI valuation):		74%
If I paid 70 K off the balance of €312826 the LTV would drop to 58%
 
dubdub123 said:
I think you might need to clarify that before expending too much time on comparisons. Have you started a transfer of equity process?
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No dubdub123 I haven't, that would mean me applying for a mortgage in my own name. With a gross salary of 49K - I wouldn't get anywhere near the 312k needed to clear the mortgage and re - apply for a sole mortgage.
If I paid down 70k and then applied, I'm still short on my own.
I have agreed to pay the mortgage in full and he waived all interest in the property.
 
@nonamegame You may be aware that Ulster Bank increased their fixed rates on Thursday:

Ulster Bank increases fixed rates – but some customers can re-fix at old rates (Nov 2022)

https://www.irishtimes.com/business/2022/11/24/ulster-bank-raises-fixed-mortgage-rates-by-075/ the NatWest-owned lender has announced a 0.75 per cent increase to its fixed term mortgage rates The exiting bank has also removed its five-year and ten-year, fixed-rate mortgage products from the...
www.askaboutmoney.com

I wonder if you fall into that category since you have already enquired about fixing. (I'm ignoring the difficulties around your ex's signature.)
 
Thank you, I didn't.
Can someone explain Transfer of Equity, what is involved, time it takes etc....

Am I better not paying anything off the mortgage now, thus not freeing up equity?

I want to fix the rate, but feel like time is not on my side
 
I went through Transfer of Equity a few years back following divorce. For me it was long and drawn out as initial paperwork was misplaced by KBC then I moved job twice in order to increase salary.
It was very similar to a brand new application and lender looked at my ability to repay etc.
Im pretty sure that my ex had to sign the form also even though I had paid him a significant sum of money as part of divorce.
House was valued during this process and I also had to setup mortgage protection in just my own name.
My solicitor had a role and there were fees involved.
There was a cspecific form "Transfer of Equity" that had to be completed and we had to confirm via solicitors that money had been paid to ex.
I will try look back over emails etc from that time and see what else may be pertinent but I remember having to do a lot of the chasing on this with KBC to make sure things were moving forward as there was a few slip ups on their side.
 
nonamegame said:
Am I better not paying anything off the mortgage now, thus not freeing up equity?
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Make sure that you keep up with your full repayments as otherwise you will not be able to get a mortgage anywhere.

I don't think you should pay anything extra until something is sorted i.e. your husband signs the fixed rate form or you get their agreement to put the mortgage in your full name.

Brendan
 
If Ulster Bank refuses to put the mortgage in your name, wait until it is sold to AIB who might agree.

Brendan
 
Brendan Burgess said:
If Ulster Bank refuses to put the mortgage in your name, wait until it is sold to AIB who might agree.

Brendan
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I'm in a tough situation.
Rates are increasing. I don't talk to ex, there is an order in place. Trackers are not moving to AIB until end of second quarter next year....so I will prob get 2 more % increases in that time. Its annoying...I have zero arrears, no other loans and the ability to pay a chunk off the mortgage yet I am held in place and can't see an easy fix to this or at least a straightforward one
 
OK

You could wait until it is moved to AIB and AIB still refuses to allow him off the mortgage.

So maybe just pay the chunk off the mortgage now.

Brendan
 
Can you have a discussion with them regarding the transfer of equity and if they may consider you for a Loan to Income exemption early 2023?
Id hold off paying the lump sum til you have some clarity .
This is a hugely unfair and stressful situation that you find yourself in.
Is there any possibility of salary increase also? Or any chance ex would sign the fix rate form, even if its sent via solicitors? Im guessing not though.
 
Yeah, I will ask.
I do worry about paying a lumpsum when he is still tied to me, even though separation agreement says otherwise.
Yes Rent a Room or ARP would make huge difference but I want to get this mortgage down so I can save really well and not have to rely on additional income, but will do one of these schemes, it will be bonus income to save or offset to mortgage
 
Brendan Burgess said:
Check with your solicitor that it is 100% safe to do so, or as close as possible to 100%.

Brendan
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Better to check with the solicitor who drew up the Separation Agreement, as the Divorce solicitor is more family law etc.
I will phone UB also, check out some more points mentioned in this thread. My accountant is good in this area, so I'll involve him. Thanks everyone, very appreciated and I'll reply towards end of week
 
dubdub123 said:
Can you have a discussion with them regarding the transfer of equity and if they may consider you for a Loan to Income exemption early 2023?
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If I read it correctly you would need an own-name mortgage of €250k or about 5x gross income.

This is theoretically possible with an exemption to go about the 3.5x income limit but I looked at statistics on this and there are almost none given out above 4.5x. It's worth a try as you though as your circumstances are particular and you have a solid record of making repayments.
 
Solicitor has said, he is 99% sure I'm OK to pay a lumpsum off it, but of course said it would be cleaner / better if I was divorced. If he doesn't contest the divorce, it could take a year,if he does...could be years. I can't sign "fix rate" docs...so option is to get Solicitor to organise this request ( doubtful he will cooperate). I'm tempted to go to the Bank, tell them my predicament, ask for interest only until divorce is over, say example 2yrs...then pay lumpsum off and fix or maybe inflation will be down to ECBs 2/3%...and I won't need to fix...Mortgage will then be with AIB. I have zero arrears or missed payments. I could always pay extra in during interest free if say I did ARP/ Rent a Room.
I don't know...I'm kinda stuck where I am...legal could take a good bit of time to sort out
 
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