Mortgage question...

Siren1

Hi all

Can you help?

My friend has just split up with her partner, they have held a mortgage together for 4 years, which the partner paid. My friend paid all the household bill and the food. The partner has moved out, but can anyone tell me if the partner is still responsible for the mortgage payments, now she has left? Or even what her responsibilities are?

I'm just trying to get some good advice for my friend.

Thanks
x

Thrugelmir

Who paid the mortgage isn't relevant.

Whose name or names is the mortgage in.

The party(ies) named will bear the liability.

Siren1

Thrugelmir wrote: »

Who paid the mortgage isn't relevant.

Whose name or names is the mortgage in.

The party(ies) named will bear the liability.

Thanks - you say the parties named will bear the reposnsibilty until what? Until the house is sold? If that's what they decide to do.
What if they dont want to sell, because of the state of the market?

[Deleted User]

Until the mortgage is repaid.

Person_one

One party can buy the other out if they can afford to pay the mortgage on their own.

This is what I did earlier this year. Ex paid me a suitable sum of money for my half and applied to take over the mortgage on his own.

In the future, your friend should be aware that paying for food etc. rather than specifically paying a share of the mortgage can cause issues if you split.

My ex and I paid exactly 50% of everything which made it fairly simple.

Thrugelmir

Siren1 wrote: »

Thanks - you say the parties named will bear the reposnsibilty until what? Until the house is sold? If that's what they decide to do.
What if they dont want to sell, because of the state of the market?

Not selling in itself may cause other issues. As it bar either party from obtaining a new mortgage until the existing one is discharged.

Hanging on to a property in the hope that the market may or may not improve is extremely risky. particularly in the current market. On the horizon are interest rate rises so the short outlook for recovering negative equity is very bleak.

Your friends need to discuss the issue and take a positive course of action. Even if it means selling the property and splitting the loss.