mortage advice

joandwayne

me and my ex have a joint mortgage, but the house has been transfered in to my name(as stated in consent order). He was paying maintenance(which i used to help pay the motgage) but this has halfed and i can no longer afford the whole mortage. Is he still liable for half the mortage payments( i have been paying it all for the last 3 years)......please help?

Farmerbob

If he is named on the mortgage then yes, he is jointly liable along with you.

gbb007

I agree, if he is on the mortgage then you are jointly and severably liable for the repayments.

Thrugelmir

If the amount of maintenance he pays has reduced as a result of a lower income. Then you may have to seek a longer term solution to the issue. Particularly if the mortgage is unaffordable.

Farmerbob

Good point, Is the mortgate on a interest only or repayment basis? It may be a good temporary measure to reduce the payments if you are able to change over.

joandwayne

trouble is, he was paying me £1000 per month(he is on 70k)as agreed by him when i divorced him. he moved in to a 6 bed with his current gf nd her 2 kids, went to court today as he wanted the consent order reversed...the judge was not intrested in anything i said nd told him to seek help of the csa. with in 1 hour of the court case the csa rang me nd told me that he had been in contact and that based on his earnings and the fact that she has 2 kids(although she works and recieves maintenance from her ex for the kids), 20% is taken off his earnings 4 her kids before my 2 kids get their 20%. I questioned this and was told that because they live with him he supportes them.......what about supporting his 2 kids, he has cut them out of his pension, life insurance and does not contribute to anything they do. the csa told me he is likely to pay me £513 each month. This does not even cover the motgage, really dont know what to do

joandwayne

it's a repayment one.

Farmerbob

I would always advise that if you look to change to IO you should get financial advice. However you may find that by changing to IO the payments may be covered or at least easier for any shortfall to be made up, this would have to be done in agreement with your ex as you'll both need to sign the forms. An alternative would be to extend the term while on repayment, your mortgage company can give you quotes on both and see how the payments differ. I'm sure that your find a solution to suit you just keep your head up high and deal with it in a timely and calm manner.

ACG

the problem you have if you go to Interest only is theoretically the house will never be paid off, when the kids turn 18 then you could well and truly be knackered.

It could well be your best option is to downsize.

Your best sorting out what you can and can not afford before it gets too late. Contact a mortgage or financial advisor or at the very least http://moneyadviceservice.org.uk/