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removing one person from the mortgage

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  • 22-04-2015 1:33pm
    #1
    Washout
    Registered Users Posts: 2,912 ✭✭✭


    HI,

    I got a mortgage from TSB 8 years ago and myself my wife and my sister. were added to the mortgage.

    The reason my sister was added at the time is because i was a contractor and they wanted further assurance.
    My wife is a homemaker.

    MY sister lived with us and was paying me rent. But she moved out 2 years ago and I am comfortably paying the mortgage. I have never been in arrears.

    I now want to take my sister off the mortgage. and she is happy enough to do so as well. besically she will be getting married and will eventually want to get her own house.

    Is it a difficult process to get her removed from mortgage?

    cheers


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    #2
    seamus
    Registered Users Posts: 68,317 ✭✭✭✭seamus


    The question really relies on whether your sister is on the documents as a co-purchaser or a guarantor.

    If it's the latter it really comes down to the bank. I've heard in most cases that they banks are insisting people basically reapply for a new mortgage. If your property isn't in negative equity and you can well afford the repayments, this shouldn't be an issue, it's just a headache.

    However, if she's a co-purchaser, you will have to get a whole new mortgage and new title deeds, etc.


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