Getting the ex off the mortgage

Money_Yoda

Hello,

If your ex wants to end his payments to the mortgage then you can take over the payments. Whilst you cannot amend the Deed or the Mortgage (Santander are a touch difficult in these situations, but it can be worth trying again - you can sometimes get different answers from different coversations) you can draw a line in the sand as regards the payments etc.

If you take over the full mortgage payment and other costs then you need to see a Solicitor together and look at a Deed of Trust that sets out that all equity that arises from the date of you taking over the payments is yours and that on the future sale, or remortgage, of the property you will pay your ex his 25% share of the equity as calculated on the day the Deed of Trust is signed. As a previous poster has mentioned; this in no way gets him out of paying the mortgage if you stop doing so - it is purely a stop gap messure that means he no longer has to make the payment each month.

I think you are going to have to find an inperfect solution initially and hopefully you can remortgage at a later date when the property price has recovered enough to allow you to do so.

As an aside - there are plenty of lenders who will ignore missed payments on non-mortgage debts if they are over 3 years ago, so your poor credit of 5-6 years ago shouldn't cause you many issues.