Best efforts to get of mortgage

medsec_222

My son's ex. has made no attempt to try and release my son from the mortgage even though the lender appears to be willing to do this on her application. She has since re-married. There is more equity in the property than is owed.


The mortgage is for a 25 year term with 9 more years to go. Does anyone know what happens at the end of the 25 years? Is the mortgage just rolled over or does the property have to be remortgaged. The lender has not answered this question, ? confidentially, despite my son still being on the mortgage. The thought of Court is a bit daunting due to costs.

Pixie5740

If it's a repayment mortgage then at the end of the 25 year term the mortgage will be repaid in full (providing there are no arrears).

If it's an interest only mortgage and neither your son nor his ex can repay the capital then yes the lender could repossess the property.

Pixie5740

When you say your son's ex? Were they ever married? If so how was the property dealt with in the divorce?

If they were never married has your son ever considered forcing the sale of the property? That might prompt the ex to remortgage in her own name releasing your son from the property.

Thrugelmir

What was agreed (i.e. financial consent order) at the time of separation. Are there children to be considered. As this impacts the arrangements.

medsec_222

They were married and on divorce he signed over the property to his ex. with a Court directive that she made best efforts to get his name of the mortgage. At the time the lender refused, as she had only just re-started work. She is a full time teacher and has been paying the interest only mortgage for five years. The lender seems to be more flexible now, but his ex. does not seem to have made any effort. They have two children aged 15 and 11 so I am not sure if the Court would force a sale. When my son queried signing over the property but he was still on the mortgage, he was told that the judge would sign it if he didn't, so he signed it.

Pixie5740

Maybe it's time he went back to his solicitor to find out what the score is.

medsec_222

He brought the subject up with his solicitor a few months ago but she was a bit laid back about it saying if the property was sold, the lender would get their money back. However, my son wants to move on, as his ex. has done. As you say Pixie, it may be time to revisit his solicitor.