Morgage Ended BUT NOT PAID OFF

John1993_2

Sidekick wrote: »

There was arrears at the time(1991) and could not take out an endowment as the house is still in joint names

You can still take out an endowment policy (or another thing with the same investment structure) even if you don't own a house at all. Basically, if you are only paying off the interest then it's up to you to find a way to plan to pay off the principal at the end of the term.

Hopefuly the mortgage is quiite small compared to the current value, so can you maybe get a fresh mortgage over 5 or 10 years from someone else?

dunstonh

There was arrears at the time(1991) and could not take out an endowment as the house is still in joint names

This probably answers two questions.

1 - They would require both signatures to change to repayment basis. Not just yours.
2 - a new endowment would have been possible in your sole name. how the house is owned is irrelevant.

I am very surprised that a divorce of 21 years ago still has joint assets and liabilities.

The mortgage has now lasped 2 months ago and obviously I have no payment fund to repay the mortgage. recent correspondence from the mortgage company said they could refer it to a 5 year plan, I have requested this and they are now asking for payment in full, threating legal action etc.
I feel they are being unreasonable as there own advisors admit my hands are tied, any advice would be appreciated.

They are not being unreasonable. More realistic. Lenders will often allow extensions of upto 5 years for repayment. However, it normally depends on whether there are arrears or not. If arrears, they typically do not allow much in the way of extension or if its clear that the 5 year extension wont do any good and it is just delaying the inevitable.

Maybe its time for you to take action and sell the property or look to buy it with a new mortgage.