releasing x partner as guarantor on my mortgage

Hi, Mortgage with PTSB, Mine is sole name on deeds. X partner acted as guarantor and now wants off. I have been offered split mortgage but x unwilling to sign, if I clear the arrears and am allowed to sign in my own right , as it was done on my income, will the bank be willing to release my x from mortgage. Has anyone experienced this , all advice welcome.

Go back to PTSB;

1. Since PTSB offered you a split mortgage, I can only assume that is on your sole income.
2. Paying off arrears should be a (sweetener) to PTSB to cancel the guarantee.
3. Banks are running (scared) of normal guarantees.A guarantee is not a mortgage and enforcing one is troublesome.

Ask PTSB and impress case on them.

" Banks are running (scared) of normal guarantees.A guarantee is not a mortgage and enforcing one is troublesome."

This is not my experience. If anything, it is easier to enforce a guarantee.

I suspect the bank will want one new guarantor before they will release the current guarantor.

mf

It all depends on whether ex-partner can be considered a reliable guarantor! If the property is in negative equity it is unlikely that bank will release guarantee. Realistically, why would they? They only issue is that guarantors approval is required for any change in the T&C's of the loan. No harm in approaching PTSB with the request.

MF1;

Interesting that your take is that guarantee is easier to enforce.
In my (limited) experience personal guarantees are trouble to actually enforce.
In any event as Brendan says it depends on strength of guarantor.
In this case I took split mortgage to mean that the Eagle is the strong one here.
If so ,PTSB may accede to removing Guarantor ,particularly with arrears sorted.

Thanks Gerry,I'm waiting on decision from bank, hopefully before end of this week , if im allowed split on my own, I will certainly ask about clearing the arrears and removing Guarantor.

The guarantor is un-cooperative. The bank have acknowledged this.

I have now been offered assisted voluntary sale of house with PTSB, can anyone explain exactly what this means .

The Eagle.

They will assist in insuring help on solicitors and tidying up costs and they will not hammer you on the variety of charges on the sale.

What it means is that if you assist on a Voluntary Sale you will avoid legal/action/costs on the sale.
BUT UNLESS you have already agreed a work out deal on any loss after the sale ie how shortfall is to be sorted , I would be in no hurry to proceed.

If PTSB was forced to a repossession & involuntary sale it would cost them a lot in time and money.
Depends on your own circumstances.

As a general rule ,a fair voluntary sale that lets bank out and you not caught for ever on a shortfall should suit all parties.

As Gerry states, this is not an offer that will in any way benefit you. There is no way I would advise anyone to agree to an assisted voluntary sale without an agreement been made on the residual debt. You should co-operate in selling the property on the basis of a fair deal been made on the residual balance. Deal firmly with the Bank on this issue.

Thank you 44 Brendan & Gerry Canning. I will certainly read all the documents carefully and decide what course of action is best. I believe they give you a time frame of 30 to 60 days to agree to this..