Mortgage

Worry_me_not

My husband and I have been unofficially separated for 18months. He lives in rented accommodation but had agreed to stay on the house deeds, mortgage and endowment (very low as house has only 3 years to run on original mortgage of £25,500). He also pays minimum child support for 2 children. He has now decided to remove his name from the deeds of the house/endowment in case I get into financial difficulties, there is no one else involved. How will this affect me? He is at the moment willing to continue to pay his 1/2 of mortgage but may change his mind. I have it in writing that he will pay his 1/2 of the mortgage and endowment but it was only between us two. I have no funds to buy him out, but could afford the mortgage repayments alone if necessary but it would be a struggle as I only work term time.
The children are 15 and 16 but in full time education and we had agreed to wait to sell assets until they were older.

CloudCuckooLand

The mortgage company will have to agree to the change of names on the deeds, as they have first call on the property. They need the mortgage-holders to match the deed-holders names in order to ensure their ability to pursue repossession etc (although I'm not saying that is going to be necessary)

If they will agree, by converting the joint mortgage to a single one - assuming your income supports the small mortgage, which it may well do - that should be fine.

You would become responsible for the mortgage payments. He needs your agreement/cooperation to get to that point, as you will have to agree to take on the single mortgage.

If they, or you, won't agree to it, then he will stay on the deeds.

Rafter

Removing his name seems an odd thing to do as he is effectively giving you his share of the equity in the house?

Personally I think you are better off saying no, waiting 3 years and then selling the house and dividing your assets.

Might be worth seeing a solicitor or citizens advice about what you should be getting in maintenance so that when you do sell you can settle fairly.

Doesn't sound like you have enough income to support the mortgage on your own, but the mortgage company may overlook this given you are getting 1/2 the mortgage paid and given the low loan versus the property value.

Good luck

R.

Conrad

Removing a name sounds simple, but in effect you will be underwriten as if this were a new application.