Help for a friend

Bluerover

Hiya

Can anyone help or offer advice a friend has been told by her husband that this month he will not be paying the mortgage.

Seems they brought the house joint mortgage (thankfuly) but using his income she work only part time with their three young children.:mad:

She has the money with family allowance and part time wage and help from her family....to pay the mortgage but is worrid by the implications....I have said inform the lender of possible change of circumstances and make arrangetns to pay.

But she is scared they will reposses the house as she does not have sufficent incoe to pay.... ...any advice?

chilli_dog

Are they splitting up? sorry to ask but couldnt think of another reason why he wouldnt pay the mortgage.

If you are sure its a joint mortgage then usually its joint & several liability, meaning if the mortgage fails to be paid then they will look for either or person to pay the mortgage.

Can your friend pay the mortgage from now on? or is the hubby just missing a months payment or something?

I dont see the building society being over bothered as long as the mortgage is paid?

silvercar

The implication of the mortgage not being paid in any one month is a blot on both credit records. Whereas this is not terrible on its own, it does affect both parties credit rating and lenders generally consider a missed mortgage payment as more serious than say a missed mobile phone bill.

At some point in time one of the parties may want to remortgage or get a new mortgage. Recent arrears will affect the rate that can be achieved - the lowest mortgage deals go to those with clean credit rating.

As to who pays, the lender won't be bothered. If your friend is worried about setting a precedent of paying the mortgage herself, this is a risk, but then so is the mortgage being unpaid.

Difficult situation, I would start by reminding him, that he is jointly liable for the mortgage and non-payment will affect his credit rating as much as hers.