need permission from ex to overpay mortgage?

wheeze

Split up with husband four years ago, have never missed a payment since. Bank won't allow him to come off the mortgage.

They have told me today that if I overpay into the overpayment fund and then request those funds are transferred across as a capital reduction, I need his permission!

Anyone heard of this? The only way round it is to make overpayments by debit card, but the fund method is more advantageous as it offsets total debt.

Any thoughts welcome 😊

getmore4less

what sort of mortgage do you have?

What total debt are you talking about?

What are the terms of the overpayment fund?

need to be clear why this fund has an advanatage of just paying it off the capital.

do you have a financial agreement with the ex

wheeze

No agreement with ex, I got the house in the consent order. Mortgage is flexible base rate tracker, no limit on overpayments. Debt is 38k ish on 200k house with 9 years left to run.

The way I understood it, the overpayment fund reduces amount of debt interest is due on, but there's no point me using it if I'm not allowed to withdraw from it without his say so. The irony being he is terrible with money

getmore4less

Overpayments will also reduce the interest on the debt, just not available to withdraw to spend.

what's the rate?

Why is your affordability an issue to taking over the mortgage?

wheeze

mixture of SE and single parent benefits so on paper I am liability and they won't lend to me solely

And I wouldn't ever remortgage elsewhere as I'm on base rate + 0.45%.

I guess I'll have to suck it up but it feels very restrictive and unfair way to treat a customer and not something I had heard about before .