How do I get my ex off the mortgage?

99% is pretty good.

You should not ask for interest only. It will damage your credit record. You might think that this does not matter as you don't intend to borrow, but you might want to switch or do something else.

I think I would be happy enough with 99% to pay a lump sum off. But you might be better waiting until the divorce comes through.

Having said that, if there is a financial settlement around the divorce, I suspect that a house worth €280k with a €200k mortgage is less "vulnerable" that a house worth €280k with a €320k mortgage and €120k worth of shares. The shares are easier to give away as part of a settlement than the equity in a house.

Brendan
 
Brendan Burgess said:
99% is pretty good.

You should not ask for interest only. It will damage your credit record. You might think that this does not matter as you don't intend to borrow, but you might want to switch or do something else.

I think I would be happy enough with 99% to pay a lump sum off. But you might be better waiting until the divorce comes through.

Having said that, if there is a financial settlement around the divorce, I suspect that a house worth €280k with a €200k mortgage is less "vulnerable" that a house worth €280k with a €320k mortgage and €120k worth of shares. The shares are easier to give away as part of a settlement than the equity in a house.

Brendan
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I agree. Didn't realise interest only would damage a credit record. The shares were inherited by me and as far as my solicitor has told me he has no claim to them.
Just the thought of a possible 2 more interest hikes - will send the mortgage payment to 1800 pm.
Obv the best thing would be if I could fix the rate but I cant - so is there a point in paying anything off - just use the shares to help with the mortgage for however long it takes to get a divorce. Timing couldnt be worse
 
If you can afford the repayments I would not be looking for interest only, as Brendan said it would affect your credit rating as you are telling the bank you cannot afford the repayment. Future lenders will ask your reason and the fact that interest rates are rising is not sufficient. I think it would be cleaner to wait until divorce is finalised before reducing any debt, at that time divorce is done, it would be easier for bank to look at putting the mortgage in your sole name. Exceptions are made all the time for people in these situations. The fact that your current LTV is 112% the bank will be delighted if you reduced that with a lump sum and a deal could perhaps be brokered. This would have to be done in house, the phone operators are merely quoting you data from their systems.

If your ex is not on the deeds and you have gone through a legal separation the house is yours. Aside from being concerned about rates, I wouldn't be overly concerned that he is still on the mortgage, it should be he, who is more concerned by this as he is indebted to a house he does not own and it affects his future borrowing ability. I know it is a concern that rates are rising, but having a tracker for numerous years you had the benefit of extremely low rates when others were locked into higher. I would be very slow to leave a tracker rate despite the current rises.
 
The repayments right now are 1600 pm. Possible another 1/2 percent increase coming soon. I am PAYE single treatment - so this has reduced my salary from when I was treated as married etc.
The UB Mortgage Site has the following info on my house:
House Price Index (HPI) valuation
amount (current valuation):		€421,772
Loan to Value (LTV)
(Based on HPI valuation):		74%
 
Angelic123 said:
If you can afford the repayments I would not be looking for interest only, as Brendan said it would affect your credit rating as you are telling the bank you cannot afford the repayment. Future lenders will ask your reason and the fact that interest rates are rising is not sufficient. I think it would be cleaner to wait until divorce is finalised before reducing any debt, at that time divorce is done, it would be easier for bank to look at putting the mortgage in your sole name. Exceptions are made all the time for people in these situations. The fact that your current LTV is 112% the bank will be delighted if you reduced that with a lump sum and a deal could perhaps be brokered. This would have to be done in house, the phone operators are merely quoting you data from their systems.

If your ex is not on the deeds and you have gone through a legal separation the house is yours. Aside from being concerned about rates, I wouldn't be overly concerned that he is still on the mortgage, it should be he, who is more concerned by this as he is indebted to a house he does not own and it affects his future borrowing ability. I know it is a concern that rates are rising, but having a tracker for numerous years you had the benefit of extremely low rates when others were locked into higher. I would be very slow to leave a tracker rate despite the current rises.
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If your ex is not on the deeds and you have gone through a legal separation the house is yours.
@Angelic123 - would you mind sharing your insights or experience on this point please? Thanks
 
Do you have any leverage over your ex? Does he need anything sorted his side, that your solicitor could use to push for fixing the rate?
Ive been here and it was terrible.. paying approx 4.5% at one stage and unable to trigger interest rate review or fix.
Is there any option of fircing lender to agree to fix even without signature of ex? Like for passports, a judge can override a parents refusal to sign.
For myself, i just waited it out. People also telling me I should sell etc, not understanding the complexities. I got there eventually after a lot of perseverance and (in my view) unnecessary stress and completed transfer of equity, got interest rate review then sold up.
Unless you can be sure that you will be allowed to fix at lower rate, Id be reluctant to tie up majority of cash. You may need that for legal fees.
 
dubdub123 said:
Do you have any leverage over your ex? Does he need anything sorted his side, that your solicitor could use to push for fixing the rate?
Ive been here and it was terrible.. paying approx 4.5% at one stage and unable to trigger interest rate review or fix.
Is there any option of fircing lender to agree to fix even without signature of ex? Like for passports, a judge can override a parents refusal to sign.
For myself, i just waited it out. People also telling me I should sell etc, not understanding the complexities. I got there eventually after a lot of perseverance and (in my view) unnecessary stress and completed transfer of equity, got interest rate review then sold up.
Unless you can be sure that you will be allowed to fix at lower rate, Id be reluctant to tie up majority of cash. You may need that for legal fees.
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dubdub123 : I was on with UB all morning then AIB in PM. Guy in AIB gave following advice. Said I should get my solicitor to send letter to UB.
I already have a legal agreement which he has signed renouncing all interest in house,mortgage,anything. He is not on deeds. Only on mortgage in name only. Does not contribute to mortgage in anyway or the house. Has not lived there in years.
So I have asked my solicitor to draft a letter asking for him to be removed for all above reasons. Unfairly,I cant move on.
Will send anyway and see what happens.
If divorce takes longer than a year, AIB would also look for 2 signatures to fix rate or agree any plan of action. I wouldn't rely on divorce being completed by the time tracker moves to AIB tbh.
Thanks for the supporting info btw
 
toastie said:
If your ex is not on the deeds and you have gone through a legal separation the house is yours.
@Angelic123 - would you mind sharing your insights or experience on this point please? Thanks
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Hi toastie,
every property has title registered at the land registry, whatever name is on the title is the legal owner of the property. as OP said it is just her name on the title, however, given she was married, her spouse depending on how long they were married would have rights to the property if it was their principal primary residence/family home etc., as they have gone through a legal separation through the courts this element has been dealt with as he has relinquished his rights to the property - the property is hers.
 
Angelic123 said:
Hi toastie,
every property has title registered at the land registry, whatever name is on the title is the legal owner of the property. as OP said it is just her name on the title, however, given she was married, her spouse depending on how long they were married would have rights to the property if it was their principal primary residence/family home etc., as they have gone through a legal separation through the courts this element has been dealt with as he has relinquished his rights to the property - the property is hers.
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Separation didn't go through courts but was agreed jointly, interest in either party assets waived etc, I assumed sole ownership. Only mortgage remains in 2 names.
 
Ive decided to get divorce first, remove him from mortgage after.
Not fix the rate and I dont want to loose the tracker (e.g if fixing e,g 4 years V there is 22 years remaining on mortgage ) I will ride the increases out. The fixed rates are crazy high, Im taking a chance but the rates cant rise forever
 
Hi all,
Need some advice.
My divorce is in process. I am being treated as a single person now with full ownership of the mortgage, UB are just dealing with me.
No arrears. But as there was 22 years left on the mortgage I didnt fix the rate. Repayment is now €1980 pm. I cannot pay this. When my divorce is through and I have a mortgage in my own name, I will sell this house and downsize immediately.
I am completing an SFS. I would like to ask UB to offer me solutions so that I can pay some of the mortgage, save money for medical, car maintenance etc, as this is not achievable now.

I am talking about some measures to get me across the line until the house is sold and I start again on a smaller scale.
Warehouse is one of the options....
House currently has 200K equity on current values


Any opinions appreciated - I want to add a solid proposal to UB on the SFS
 
When you sell this house do you intend to buy the next property with a mortage?

Can you look at doing rent-a-room? Ukrainian scheme is paying €800 a month no matter where you are in the country.
 
nonamegame said:
Hi all,
Need some advice.
My divorce is in process. I am being treated as a single person now with full ownership of the mortgage, UB are just dealing with me.
No arrears. But as there was 22 years left on the mortgage I didnt fix the rate. Repayment is now €1980 pm. I cannot pay this. When my divorce is through and I have a mortgage in my own name, I will sell this house and downsize immediately.
I am completing an SFS. I would like to ask UB to offer me solutions so that I can pay some of the mortgage, save money for medical, car maintenance etc, as this is not achievable now.

I am talking about some measures to get me across the line until the house is sold and I start again on a smaller scale.
Warehouse is one of the options....
House currently has 200K equity on current values


Any opinions appreciated - I want to add a solid proposal to UB on the SFS
Click to expand...
If you were to do Rent a Room and ARP combined (tax free) it would pay the mortgage for a year. Or sell a portion of your shares equivalent to your mortgage increases for a year. Then re-evaluate when the divorce is finalised. With such a large mortgage on your PR equity is not relevant until you sell. Your immediate issue is cash flow.
 
I understand - my difficulty is this divorce could take years. He is absent from this country and does not have an address. He was served in this country, but his whereabouts are not known.
 
DannyBoyD said:
When you sell this house do you intend to buy the next property with a mortage?

Can you look at doing rent-a-room? Ukrainian scheme is paying €800 a month no matter where you are in the country.
Click to expand...
I would like to buy a smaller house with little or no mortgage. I have shares but not many. I want to keep these and not use them.
 
nonamegame said:
Hi all,
Need some advice.
My divorce is in process. I am being treated as a single person now with full ownership of the mortgage, UB are just dealing with me.
No arrears. But as there was 22 years left on the mortgage I didnt fix the rate. Repayment is now €1980 pm. I cannot pay this. When my divorce is through and I have a mortgage in my own name, I will sell this house and downsize immediately.
I am completing an SFS. I would like to ask UB to offer me solutions so that I can pay some of the mortgage, save money for medical, car maintenance etc, as this is not achievable now.

I am talking about some measures to get me across the line until the house is sold and I start again on a smaller scale.
Warehouse is one of the options....
House currently has 200K equity on current values


Any opinions appreciated - I want to add a solid proposal to UB on the SFS
Click to expand...
I would suggest that you
  1. Study the ISI's reasonable living expenses and see how they compare you your actual situation
  2. Complete the SFS as honestly and detailed as you can as it will help you with the above by clarifying your actual incomings and outgoings (many people will not really know the details of these offhand)
  3. Contact MABS and see if they can give you any advice/support/assistance.

What are Reasonable Living Expenses (RLEs)?

mabs.ie mabs.ie
 
nonamegame said:
I would like to buy a smaller house with little or no mortgage. I have shares but not many. I want to keep these and not use them.
Click to expand...
If you cannot balance your budget then you really need to consider selling them and using the proceeds to defray costs.
 
nonamegame said:
I understand - my difficulty is this divorce could take years. He is absent from this country and does not have an address. He was served in this country, but his whereabouts are not known.
Click to expand...
A legal separation and a divorce are very different. A divorce will extinguish succession rights which a separation will not.
 
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