Separating - Can I leave mortgage in joint names?

TBagpuss

Your separation agreement can provide that you will be responsible for the mortgage payments and will indemnify him. That means that if he ends up paying anything towards the mortgage, he is entitled to claim that money back from you. It does not protect him from the mortgage company pursuing him for the payments if you default.

You can also set out in the Deed of Separation what interest you each have in the house, so you can set out that his interest is limited to a % of the value based on the current equity.

You do need to see a solicitor to get advice about he Separation agreement, and to ensure that it is drawn up correctly and will be effective for what you want.

myfairlady

Thank you all so much, I really appreciate it. To answer some of your questions.....I can't afford a repayment mortgage on my own right now, however a promotion later on in the year (fingers crossed)w ill put me in a better position. For right now I can afford the mortgage on my own (albeit in joint names and interest only) and its cheaper than renting!

And yes its a really stressful time. Trying to stay sane by limiting the stress and for now if he is okay with staying on the mortgage I'm going to ensure that the separation agreement covers us both...for now!

Baby steps as they say.

Thanks again to all who contributed to making me feel better