Mortgage payments - divorce?

johnt_3

I would really appreciate some advice regarding approaching the bank (Halifax) and asking for a payment holiday from the monthly mortgage payments. I recently I found out that my wife had cheated while I worked away from home which will be leading to divorce.

We bought our house in joint names about five years ago and there is at least 50K+ in equity in the property, I did call the Halifax a few weeks ago and ask about their payment holidays but the answer came back as no, due to not enough equity, I am guessing that they are doing the same to a lot of people in the current economical climate?

I have allowed my wife to remain in the family home as we have a young child (12) and I have moved out into rented accommodation, now that I am paying for two properties I find it a struggle and was wondering how receptive the Halifax would be to suspending payments (I know that interest would still be charged) until I sell the house which could be up to 6 months I guess, even with a large discount I intend to put on it!

A friend of mine suggested I should just stop paying the mortgage and let them repossess it but I would rather not go down that route if I can help it.

Would really appreciate any comments or suggestions.

Thank you,

Robert_Sterling_3

Is yours the only name on the mortgage or do you jointly own it?

feisty1

johnt wrote: »

I have allowed my wife to remain in the family home as we have a young child (12) A friend of mine suggested I should just stop paying the mortgage and let them repossess it ,

Where did your friend suggest yr child live?

johnt_3

Robert_Sterling wrote: »

Is yours the only name on the mortgage or do you jointly own it?

The mortgage is in joint names

johnt_3

feisty1 wrote: »

Where did your friend suggest yr child live?

I don't think my friend thought about his comment that much when he made it, I think he was suggesting private renting in order that we could get the house ready for viewings quicker?

Regardless of what my wife has done my son is and will always be the top priority in my life.

opinions4u

johnt wrote: »

I would really appreciate some advice regarding approaching the bank (Halifax) and asking for a payment holiday from the monthly mortgage payments. I recently I found out that my wife had cheated while I worked away from home which will be leading to divorce.

Pretty expensive and pretty unpleasant. Take your time before making the final decision. Many marriages survive infidelity. Invest in Relate counseling sessions, even if only for yourself. They will help you move forwards the best way for you.

We bought our house in joint names about five years ago and there is at least 50K+ in equity in the property, I did call the Halifax a few weeks ago and ask about their payment holidays but the answer came back as no, due to not enough equity, I am guessing that they are doing the same to a lot of people in the current economical climate?

They won't allow the debt to go above 95% of their estimated value, based on their own index for house values. That 95% may also now be a lower figure. What do you base your £50k in equity on? If you feel a payment holiday will solve your problems (I don't think it will, it merely defers them) ask them if you can pay for a valuation. The downside of this is that if the valuer agrees with their index you've lost that fee.

I have allowed my wife to remain in the family home as we have a young child (12) and I have moved out into rented accommodation, now that I am paying for two properties I find it a struggle and was wondering how receptive the Halifax would be to suspending payments (I know that interest would still be charged) until I sell the house which could be up to 6 months I guess, even with a large discount I intend to put on it!

Your intention to 'discount' tells me you know your property will sell for less than you think it is worth. It is only ever worth what somebody is prepared to pay. As for suspending / reducing payments, they have a right to expect you to pay what you can afford after prioritising debts. You need to call them to talk this through. CAB may also be able to help you with this.

A friend of mine suggested I should just stop paying the mortgage and let them repossess it but I would rather not go down that route if I can help it.

Your friend highlights an option that will stuff your credit rating for 6 years and your ability to own a house again for another 12 years. As you rebuild your life any potential future partner may find that unappealing. As would your child.

Summary for me:
1) Struggle to maintain the payments (could your wife contribute more?) and make sure any reduction in payments is by agreement with your lender.

2) See a solicitor for advice, but don't rush headlong in to a reactive decision - take your time before finally deciding your marriage is dead in the water.

3) In the interim see a Relate counselor. They may help you to understand what went wrong in your marriage and that will help you to confirm your decision to divorce or find ways to repair what must have been a good thing at a time in the past.

Decisions made in a state of depression are often poor. Anti-depressants don't help with the decision making process.