I have asked my lending bank if I could retain the existing tracker mortgage which I am currently paying and in a position to pay. The bank has refused and insist that I must apply for a new mortgage. Can the bank do this, given the fact that my name is on the mortgage, albeit a joint one?
Advice please?
They will consent to removing his name from the deeds, however, they will not let me retain the tracker mortgage.
There is a way around it but could cause problems in the future, i.e. I would keep paying the mortgage as is, with the deeds in joint names and requesting my partner to sign a Deed of Assignment in which my partner's name would be removed from the Deeds once the mortgage has been redeemed.
I cannot see this working for many reasons, the main one being if my partner's name remains on the Deeds I do not think my partner would be consider as a first time buyer in the event of purchasing a house at a later stage.
Has a new discussion been open on this? This is of interest to many.Hi Kevin
You should start a new thread on the issue and give all the relevant details.
Brendan
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