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Separating with Joint Interest Only Mortgage
Amysdad70
Posts: 58 Forumite
Hi
My wife and I are separating this week and we currently have a joint, interest only mortgage on the marital home. She is staying on in the property and can afford the mortgage payments.
The mortgage is £376 per month with £95,000 still owed. There is little or no equity in the house.
We have agreed everything financially but what do I do about the house? She wouldn't get a mortgage on her own and it is probably cheaper than renting anyway.
Thank you for any advice.
My wife and I are separating this week and we currently have a joint, interest only mortgage on the marital home. She is staying on in the property and can afford the mortgage payments.
The mortgage is £376 per month with £95,000 still owed. There is little or no equity in the house.
We have agreed everything financially but what do I do about the house? She wouldn't get a mortgage on her own and it is probably cheaper than renting anyway.
Thank you for any advice.
0
Comments
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Any children?0
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No children. As rare as this sounds, we are trying to stay friends, we just can't stay married to each other any more. I am moving in with my Mother until I figure out the next chapter of my life.0
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Remaining on the mortgage (which you will have to do) will restrict your ability to source a new mortgage on a different property.
It also puts your credit rating at risk should your ex stop making mortgage payments and you either don't know or are unable to make up the difference.
Selling the house and making a clean break would avoid the above.0
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