Removing name from mortgage - advice needed

FionaFitz

New Member
Messages
1
Hi

I had a family member be a joint name on my mortgage, however I am the sole name on the title. In my letter of offer it states that after the mortgage goes below €223k I will be able to remove that person from the mortgage - see attached relevant part of the letter of offer.

I emailed AIB asking what the next steps would be last week and they sent a letter today advising that I would need to apply for a new mortgage in my sole name.

I may be wrong but from my offer letter it does not say anything about applying for a new mortgage

Any ideas/advice?

Thanks
 

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mf1

Frequent Poster
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4,335
There may be a caveat somewhere in the formal Letter of Offer that allows the Bank to review the original terms.

Probably best to ask your solicitor to review what you have and contact the bank on your behalf.

mf
 

Thirsty

Frequent Poster
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2,443
you might want to do another bit of editing on yr screen shot, there's a name still visible
 

Muddle2018

Frequent Poster
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76
Yes it is basically you remortgaging your own home with yourself. I went through it last year when removing my ex husband from my mortgage. You go through the entire process of applying for the mortgage all over again but with your letter then it should be just a formality like mine was. Pain in the arse but worth it long term.
 

Thirsty

Frequent Poster
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2,443
To clarify the previous post you didn't 'remove' a name.

You are redeeming (paying back) a mortgage that was in joint names.

Unless you have a significant lump sum, most people do this by borrowing. Your new mortgage is in your sole name.
 

Muddle2018

Frequent Poster
Messages
76
Yes basically my bank, KBC, paid off the old mortgage while giving me a new one, releasing my ex finally from the mortgage and subsequently he was removed from the deeds too. Best day of my life!
 
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