Can I take over mortgage and pay it off?

Cinders83

I am not divorced but separated for 2 years. We have a joint mortgage which he has been paying (I paid off 80k of my previous home profit upfront). I reluctantly gave up my job a few years ago due to childcare situation. He now doesn't want to pay the mortgage and just walk away giving up all rights to the house so he can save money. The problem is I have no income yet have access to alot of money from family which was for a rainy day, which this is. Am I able to remove him from the mortgage and at the same time pay off the house so my children have a stable roof over them? The bank seem to prefer us to default and repossess the home rather than let me pay it. It's a real worry and he is in a hurry to stop paying and I don't know what I can do. Has anyone been in this situation or able to advise me please.

MortgageMamma

Hello Cinders

Sorry to hear of your marital trouble.

Do you have a lump sum available to repay the whole loan owed?

silvercar

The bank doesn't care who pays the mortgage, as long as it is paid.

I assume that, as well as not making the mortgage payments each month, your ex wants his name off the mortgage. This would be a sticking point for the bank; they won't be agreeable for a joint liability to transfer to a single liability with no income.

However, if you have access to sufficient funds to repay the whole mortgage you can do that. make sure you remove his name from the deeds at the same time.

Be aware that is an incredible gift to him. Currently he has a mortgage liability (debt) in his name that he is walking from scot free. He may be in a hurry, but you could pay the mortgage when he doesn't and keep the mortgage in joint names if you wished. That would at least leave you some rainy day family money should you need it.

AnotherJoe

YOU need to see a solicitor to make sure he cant claim any of the equity in the house but yes I dont see why you cant pay it off, if the bank want to repossess the house (has it got that far) thats just to get their money, so you should be able to pay them directly and get out of that situation.

Cinders83

Hi, yes I have it available to me

Cinders83

I thought the same that the bank didn't care who pays as my mum has offered to pay it into my account each month and prove she has enough to cover it (and the whole repayment) but they won't accept that. He wants no responsibility of a home/kids etc so is happy for me to have it and deal with repairs & maintenance. I can't get why the bank are happy to get the monthly payments in joint but not alone yet with proof, was worded carefully but basically they'd rather be not be able to pay than to pay if that makes sense. Daft so yes, family have the money to pay off the house but need his name taken off first, bank say not possible. I'm still waiting for solicitor to call me back. Worried he is going to make me and the kids lose the house

[Deleted User]

Cinders83 wrote: »

I thought the same that the bank didn't care who pays as my mum has offered to pay it into my account each month and prove she has enough to cover it (and the whole repayment) but they won't accept that.

You're confusing payment and the mortgage.

They will let anyone pay, but they won't just let one of the borrowers off the mortgage without reviewing affordability.

If your mum also wants to pay off the mortgage, she can do that.

AnotherJoe

Cinders83 wrote: »

I thought the same that the bank didn't care who pays as my mum has offered to pay it into my account each month and prove she has enough to cover it (and the whole repayment) but they won't accept that. He wants no responsibility of a home/kids etc so is happy for me to have it and deal with repairs & maintenance. I can't get why the bank are happy to get the monthly payments in joint but not alone yet with proof, was worded carefully but basically they'd rather be not be able to pay than to pay if that makes sense. Daft so yes, family have the money to pay off the house but need his name taken off first, bank say not possible. I'm still waiting for solicitor to call me back. Worried he is going to make me and the kids lose the house

You are confusing paying off the whole whole mortgage in one payment with paying it monthly. These are very different things !

You ought to be able to come to an arrangement with the bank that you will pay it all off.
A solicitor need to be involved so that you don't get in a situation where you pay off the mortgage, And then ex wants half the house which is mostly the money youve paid.
There's no reason you cannot, in the meantime make the mortgage payments your husband is refusing to make. Are you in arrears currentiy ?

peter12345678910

Even if the. money is paid off for the house, he would probably want a lump some to take his name of deed which is kind of fair as he probably paid the deposit and made several mortgage payments.

Is he renting and wants a house?

Cinders83

I paid the deposit and my half of the mortgage upfront asbo had my own home previously and he had nothing. Not a penny. I've paid for all repairs and home contents. As far as I know he is renting a room somewhere in the home of a friend.

dimbo61

You need to speak to your lender and check if your in arrears on the mortgage payments.
Your EX may not like paying the mortgage each month but he won't want to destroy his and your credit rating.
Keep the bank of Mum, Dad, Gran and anyone else in the background.
Speak to solicitor and have paperwork drawn up that he signs all the equity over to you IF you are able to clear the mortgage.
How are you paying the bills ?
You EX should be paying maintenance for his kids ?
Find out how much the outstanding mortgage debt is