In 2005 I bought a house with my brother for E150k through Irish Nationwide. As the market value increased we then took out an additional 100k equity release mortgage to finance an apartment in Cape Verde. In 2007 my brother bought my share of the Irish residential house but we never processed legal documents for this. The full amount for both mortgages still comes out of our joint account (he pays his additional portion.) Irish Nationwide was subsequently liquidated and IBRC took control of our mortgage. We sent IBRC a proposal to put the main mortgage of 150K into my brothers name solely and to keep the 100K Cape Verde mortgage in both names and to have two separate payments taken monthly. We never got a reply or heard anything back from IBRC. We have received notification recently that Mars Capital are the new owners of our mortgage. Before I send them a letter I would appreciate some advice on the following if others are familiar with the scenarios:
Try negotiate a deal with Mars capital to clear off the full mortgages if possible at a reduced rate/amount (we are not in arrears) but I heard they are offering deals for other mortgage holders
How do I approach them about removing my name from the main mortgage?
Am I paying towards the interest amount of my brothers mortgage (Irish one)?
What is the mortgage interest relief situation (should my brother be the sole beneficent)?
Try negotiate a deal with Mars capital to clear off the full mortgages if possible at a reduced rate/amount (we are not in arrears) but I heard they are offering deals for other mortgage holders
How do I approach them about removing my name from the main mortgage?
Am I paying towards the interest amount of my brothers mortgage (Irish one)?
What is the mortgage interest relief situation (should my brother be the sole beneficent)?