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NRAM Together mortgage
Joanne2012
Posts: 1 Newbie
Hi guys
Could someone please help me?
I recently sold my house that was with NRAM and me and my ex partner had one of those together mortgages.
When we sold our house we sold for £100k and we still owed £139k on mortgage. So when house was sold we both had £39k between us to pay back to the bank.
This is fair enough but me and my partner have separated and the loan is liable jointly between us.
My concern is if he doesn't pay it back I am liable for the whole amount.
Is there any legal way they can split this into 2 separate loans considering that this is no longer a mortgage and we are both separated?
I have asked them and they refused. Is this legal?
Many Thanks
Could someone please help me?
I recently sold my house that was with NRAM and me and my ex partner had one of those together mortgages.
When we sold our house we sold for £100k and we still owed £139k on mortgage. So when house was sold we both had £39k between us to pay back to the bank.
This is fair enough but me and my partner have separated and the loan is liable jointly between us.
My concern is if he doesn't pay it back I am liable for the whole amount.
Is there any legal way they can split this into 2 separate loans considering that this is no longer a mortgage and we are both separated?
I have asked them and they refused. Is this legal?
Many Thanks
0
Comments
-
Perfectly legal.
Joint and several liability means 100%, not 50% each.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Joanne2012 wrote: »...I have asked them and they refused. Is this legal?...
Yes.
You and your partner have 'joint and several liability' for the shortfall. You are liable for the whole amount, as is your ex-partner. If your ex-partner fails to pay their share, it's up to you to sue them for that share.0
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