Key Post Success. Bank of Ireland allows me to buy out my ex and keep tracker

xoxoxo

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Separating from husband and want to buy him out of the house. Intention is to take over the mortgage myself but B of I insisting I take out a brand new policy in my own name and so loose my tracker. It only involves taking his name off the mortgage and extending the term by 5 years. Plenty of equity in the house and not in arrears.Can they insist on this and is there anyway around it? Many thanks
 
Remove ex from mortgage: success!!

xoxoxo has kindly agreed to summarise her case for the benefit of others - Brendan


Separated from husband approx. September 2010. I remained in family home with children, ex was renting. Ex contributing to the mortgage sporadically then not at all as time progressed.

Originally approached the bank (bank of Ireland) late 2011. House not in negative equity (approx. 250-300,00 equity at the time) Met mortgage manager in my local branch and filled up standard forms and was assessed to see if I qualified to take over the outstanding mortgage. They explained it was like me taking out a brand new mortgage in my own name. No word back. Chased up with head office (branch person left) and they could see documents on my file but nobody dealing with it. Mortgage was not in arrears and the dept. that seemed to look after transfers were the appears department so difficulty to get anybody to deal with it.

Eventually (5/6 phone calls later) got through to someone in the arrears department that knew something about transfers so he was my contact from then on and he dealt with the underwriting department on my behalf. Had to go into head office and meet him etc. After this things moved quickly. Got approval to take over mortgage on my own and a guarantee that I would remain on a tracker rate (all in writing). Had to get ex to fill in a transfer or mortgage/deeds document.

No agreement with ex so judicial separation court case decided amount I had to pay ex to buy him out. Bank needed a copy of this court document and a covering letter from my solicitor.

Key was to get speaking to the correct person. Bank put me under no pressure to come off tracker and I did not have to ‘fight’ to take over the mortgage. The fact that I am in a permanent, stable job, had been paying the mortgage anyway and plenty of equity in the house were obvious advantages but have to say they were not difficult to deal with once I had the right contact.

Process only just finished. Delays however (after finding right contact) were not on the banks part but more on waiting for court dates, orders etc

.
Any more info required, please let me know
 
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Bank agree to remove name and retain tracker

My bank has agreed to allow ex name to be removed from the mortage (I am buying him out). Better still, they are allowing me to retain the tracker mortgage. Plenty of equity in the house so that certainly helped the case.
 
Once I got speaking to the right person in the bank (was transferred from Billy to Jack because every dept in there seems to be dealing with mortgages in arrears whereas mine was not) the process only took 6/7 weeks. .


That's a great end to this story xo. And good advice there that it's important you speak to the right person. How did you eventually get the right person?
 
Was really trial and error and just luck in the end. Because the mortgage was not in arrears it could not be dealt with by that department. However, they set up a new department for restructuring of mortgages and they also deal with transfers. I spoke to a lovely man, went in to meet him, he told me what was involved and the timelines invloved etc and he took it from there. He could not tell me what the final outcome would be as it was in the hands of the under-writers but he steered me in the right direction. All went exactly as he said.
 
Hi,

Xoxoxo,

I've a similar sounding situation with my brother to yours.Co-owned property bought in the good times.There's never been any problems with paying the mortgage,no arrears,neither of us have debt besides this, bought with idea of short/medium term ownership,etc.

We're both now living in it together,it's not big enough for us.It's basically ok for one person but not for two grown men.We're considering our options,the forerunner being me to take it on myself. We're with BOI and it's a tracker.

I've made many attempts to contact people,seems impossible to get through to the right ones,and am going around in circles for the last few months with them .Any actual names,contacts and numbers of helpful individuals you encountered would be greatly appreciated.A private message to that effect would be fantastic.

PS There should be ample equity in the property,been paid since 06/07

Thanks in advance.
 
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