I want her name off the mortgage but bank says I will lose my tracker

[Kevin Masden]

I've 120k and I have a cash job at weekends (all above board) but that can't be taken into consideration with the mortgage

The property I'm buying is for 100k with a small need of refurbishment but I can cover the costs no problem.

They will give me a mortgage of 101k so that's why I'm paying the 50k.

I mailed them again and asked the question about keeping the tracker if I take an investment property mortgage .

 

[Brendan Burgess]

You need to clarify your priorities here.

If you want to buy that property, then you have the cash to do so. You do not need a mortgage.

If you want to get your ex off your property, you may need to use some of the cash to sweeten the deal with Ulster Bank.

Given your savings, you should still be able to borrow enough to buy the investment property.

If you want her off the property, stop talking to Ulster Bank about an investment property. They won't let her off the mortgage, if they think you are going to stretch yourself financially.

 

[Kevin Masden]

My priority is keeping the tracker on my own name so thanks I'll just concentrate on that for now.

I want a mortgage for the second property as I dont want to use all my savings and have nothing for a rainy day.

Thanks again

 

[Brendan Burgess]

I want a mortgage for the second property as I dont want to use all my savings and have nothing for a rainy day.

While that is understandable, the lower the LTV when you take out the mortgage initially, the lower the rate you will be charged. As it's an investment property, you will be deriving an income from it and so you will be able to build back up your rainy day fund in time.