question re Northern Rock mortgage

LJ1

Have fixed rate mortgage with Northern Rock - 5 year fixed rate ends feb 2010 rate was about 4.35% mortgage was 102000k to start with but we managed (with the help of shares my husband sold pay bring mortgage down to 18k) so that was great.
However
Husband walked out a year ago - unknown to me he borrowed back 45k from the money overpaid to our joint mortgage and used it as deposit on another joint mortgage with new girlfriend -
financial matters with lawyers at the moment trying to resolve.
Our house will obviously have to be sold - i dont earn enough to buy him out - i could have taken over the 18k mortgage but no more.
Husband is paying the full mortgage at the moment but thats only because he removed the money and trebled the mortgage payments.
Im not entirley sure what he has done has been the right thing to do in our situation (we have young daughter as well) but thats for the lawyers etc to sort out.

I was wondering what is likley to happen come feb 2010 when our fixed rate mortgage runs out - i would probably think our payments will increase - and it might be wise to look elsewhere for cheaper mortgage (assuming this house does not sell by then) houses besided us have been on sale for almost 2 years and have not moved. Will Northern rock be asking us to go elsewhere - would i have to take on board another joint mortgage with my (seperated) ex. Could i refuse to do that. The way i see it we had a 18k mortgage at the time of seperation - why should i become half liable to money has has in effect borrowed as deposit on house he has joint mortgage with someone else on.

TEDDYRUKSPIN

So many problems. True a major legal question regarding this mortgage.
Actually my strange and very strange thing, is how he managed to obtain money from a joint mortgage? My question only is, did you sign these forms, if not, fraud has occurred. Therefore, I will not be further asking you or answering questions after the 'answer' below.

The end question you are trying to ask if what will happen in 2010? No one will know. You are asking a question too far ahead. At the moment the standard variable rate stands at 4.79% (May 2009). Nothing says if the rates go up, so will this.

silvercar

When a fixed rate ends the mortgage goes onto the lenders standard variable rate.

Taking out a new mortgage will mean a new mortgage application. You r financial circumstances will be examined - income, credit record and whether you have financial commitments elsewhere. With another mortgage elsewhere your ex may not have sufficient income to justify the mortgage you currently have.

You need to sort out how he got funds on a joint mortgage without your consent and you need to take action (like a note on your deeds) to prevent this happening again.

The mortgage is a joint liability, so unless you can get him to repay the extra money he took (and he will no doubt say that it was his sale of share money he was accessing), you are both jointly liable for all the mortgage.

LJ1

thanks - yes bit of a legal wrangle going on here -
Concerning the withdrawal of the money - as the mortgage had been overpaid all it took was 1 phone call - no forms to sign etc - i contacted Northern Rock when i discovered this had happened and as neither of us had notified them of the seperation this was perfectly legal - they have assured me no further funds can be removed now. I dare say he is entitled to this money and has just taken advantage of removing it before all legal matters of seperation etc dealt with - just feel its a bit sneeky doing it this way - but i legaly objected as i am jointly liable for this mortgage and i would not be able to continue paying it should he loose his ability to keep up the payments. But his lawyer says i have no reason to object?? But like i said - in the hands of lawyers now and they are being paid to resolve. I will just have to keep a eye on the standard rate and hope (until this house sold) that come Mar 2010 the rates are still reasonable. If he does come back to me and tells me we need to move mortgages etc then the only mortgage i will be agreeing to is the one i had at the time we seperated.

silvercar

If he does come back to me and tells me we need to move mortgages etc then the only mortgage i will be agreeing to is the one i had at the time we seperated.

Can't see him agreeing to that, so your best opton is to make sure it sells.

Dress to sell, declutter, flowers on the table, coffee roasting in the oven etc. and a price that is realistic. You shouldn't be hoping that rates will be realistic in March 2010, you should be planning to sell way before then,

LJ1

i want to sell up and move on - but he wants to wait two years until the market picks up - perhaps because he has overcommitted himself with his new home - i honestly do not know. He has decided to stop going to lawyers etc but im going this week and i want to push to sell the house -
have already started to pack - get rid of things etc - just want to be prepaired and dont want to have tons to do at last moment.
thanks for your reply - the quicker i get out of this mess the better i feel