these days the desire to get rid of a tracker takes precedent over helping out the customer and being fair. Realistically it's the same thing to the bank if the remaining account holder has sufficient income
Obviously it is underwritten before taking off a name, the second named could be a non earning gambler even, who knows! If the remaining person meets present lending criteria then I don't see an issue. The couple could also have gone on to redundancy, illness, anything that could also have affected the future repayments.
This argument doesn't hold true in many circumstances.But it's a new contract at the current lending rates...
Your argument makes no sense. If they are redundant or ill, they wouldn't get the mortgage.
I've no doubt circumstances could be constructed whereby the bank would be in breach of the CPC by not doing a deed of variation and allowing the customer keep the tracker as it could be shown that the bank is not acting in the customer's best interests .
I'm not going into a long debate with you but here is one exampleYou have "no doubt"? On what basis? Banks have behaved appallingly in relation to people's entitlement to trackers, but it can't be a one-sided argument.
I'm not going into a long debate with you but here is one example
Original borrowers were accountant salary 60 k and stay at home wife, 300k borrowed .
Accountant now CEO ,salary 300k pa separated from wife no kids wants loan in sole name as part of separation agreement willing to give lien on 100k balance on deposit with bank .
Bank would not be acting in customers best interest if it didn't do deed of variation on borrowers .
Well done SirPerhaps you should start an advocacy group for people who fundamentally change their tracker mortgages and want to retain their tracker rates.
It most certainly is not if both parties agree that it is not .
"" This is a new loan agreement "
It most certainly is not if both parties agree that it is not .
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